Explain futher what is meant by the statment below Provisions for auditing, tax collection, depositing, and filing should be strengthened and updated. Increase the severity of penalty provisions to avoid non-implementation.

Q: On January 1, 2019, CupCompany purchased NoodlesCorporation, 9% bonds with a face value of P4,000,00...

A: Unrealized gain (loss) reported in other comprehensive income for the year 2019: Unrealized gain (lo...

Q: $800,000 $400,000 $200.000

A: The share is given as,

Q: • Based on this information can you create an Income Statment • Accounts Receivable $1,200 • Account...

A: Income statement is one of the significant financial statement. This shows the entities' profitabili...

Q: Ralph provided the following shareholders’ equity on December 31, 2021: Preference share capital, 1...

A: Preference shares are the kind of shares that have got preference over common shares in terms of rep...

Q: 16.15 (LO 3) (Accounting for Restricted Shares) Lopez SpA issues 10,000 restricted ares to its CFO, ...

A: To keep track of the financial transactions, journal entries are used. You enter transaction informa...

Q: Pomelo Company has the policy of valuing inventory at the lower of cost and net realizable value usi...

A: Net Realizable Value of Inventory: In most cases, net realizable value is equal to the difference be...

Q: CASE 3-22 Plantwide versus Departmental Overhead Rates; Pricing LO3-1, LO3-2, LO3-3, LO3-4 "Blast it...

A:

Q: 37.What inventory system would you expect to find in the following situations? A. Diamond ring depa...

A: Solution Concept Perpetual inventory system is a system of inventory where the record of inventory I...

Q: Horman Company produced 1,000 units of a product which was sold at a price o 95.00 each. Total selli...

A: Conversion costs seems to be the expenses of transforming raw materials into completed commodities. ...

Q: Identify all false statements about non-GAAP earnings. 1. Public companies are required to reconcile...

A: ANSWER GAAP EARNINGS MEANS GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ARE COMMON SET OF ACCEPTED STAN...

Q: Activity-Based Costing, Traditional Costing 1. The controller for Mitchell Supply Company has establ...

A: Activity based costing is one of the type of costing system, which shows that all indirect costs and...

Q: Mauro Products distributes a single product, a woven basket whose selling price is $23 per unit and ...

A: A business is said to break even when it is total sales are equal to it is total costs. break even i...

Q: CASE 2-32 Break-Even Analysis for Individual Products in a Multiproduct Company LO2-5, LO2-9 Cheryl ...

A: Overall Break-even point (in dollar sales)=Totak Fixed CostOverall Contribution Margin

Q: Shah Rukh invested RM5 000 in an investment fund for three years. At the end of the investment perio...

A: Simple interest is the amount of interest which is incurred or earned over the period of time. Under...

Q: How much is it worth after 7 years using Double Declining Balance Method? FC = 3.2 M Salvage Value...

A: Solution Formula used Double declining balance rate    =1/ useful life *2 Given First cost          ...

Q: Which of the following should an auditor obtain from the predecessor auditor prior to accepting an a...

A: An Auditor is a person responsible for verifying the financial statements or we can say financial re...

Q: The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of ...

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...

Q: Sugary Company has the policy of valuing inventory at the lower of cost and net realizable value usi...

A: Inventory is one of the important current asset for the business. Mostly business prefer for valuati...

Q: 6. What is the disposition for special order goods manufactured by an entity that are segregated but...

A:

Q: 4. Using the following business transactions, compute for the proprietor's capital. • The proprietor...

A: Proprietor: These are the main shareholders who invested in the business. They have ownership in the...

Q: Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020: 2020 | 201...

A: In accrual basis of accounting, income includes sales made during the year. Cash inflow will not be ...

Q: In small business some activities are outsourced and some resources are acquired externally, that is...

A: THERE ARE EFFORTS OF VARIOUS PEOPLE IN ORDER TO RUN A SUCCESSFUL BUSINESS MANY PEOPLE ASSOCIATED ORG...

Q: 7. An individual deposits an annual bonus into a savings account that pays 6% interest compounded an...

A: Interest rate = 6% First deposit = $20000 Annual increase in deposits = $5000 Number of annual depos...

Q: What is the net cash provided (used) from investing activities? ( IF cash INFLOW, leave the numerica...

A: Investing activities are usually from long-term assets which show how much the cash is spent and inv...

Q: Banana Company uses the retail method of inventory valuation. The following information is available...

A: The ending inventory is calculated as difference between cost of goods available for sale and cost o...

Q: Discuss cost functions and assess the importance of causality in estimating cost functions/relations...

A: Cost Function which are explained in the cost Accounting which can be determine the mathematical cal...

Q: In planning stage, materiality is determined at the O Disclosure level O Materiality is not determin...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: Last year. Abner Company incurred Direct materials Direct labor Factory overhead Selling expense Adm...

A: Prime cost is the direct cost of production that includes direct material and direct labor. it does ...

Q: 2. Johnathan moved during the year for work. It was an eligible relocation. His employer reimbursed ...

A: Loss is the amount which the person or employee or even the company has incurred from selling the as...

Q: Blossom’s flour supplier has announced a shortage of gluten-free flour. As a result, Blossom will on...

A: When some input is in limited capacity , then we need to find out contribution per input. For exampl...

Q: Required 1:  Compute the company’s return on investment (ROI) for the period using the ROI formula ...

A: 1) Margin = Net operating income / sales  =  $80000/$1000000 x 100 = 8%    Turnover = Sales / Averag...

Q: A retired 78-year-old individual is unmarried, has no dependents, and holds a part- time job that pa...

A: For the year 2021, the standard deduction for a single person is $12,550. Furthermore, single and he...

Q: f subsequent events on

A: This is a Question relating to disclosure of subsequent events in the audit report and financial sta...

Q: 9.The inventory records of Kiwi Company show the following purchases during the first quarter operat...

A: FIFO means first in first out which means that first opening stock will be sold and then goods are s...

Q: .Your review of ABC Company's inventory and related records for the year revealed the following info...

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

Q: avy Machinery   Finished goods inventory   Retained Earnings   Petty cash fund   Miscellaneo...

A: Audit refers to the physical examination or inspection of the books of accounts of the company in or...

Q: 1. When would you choose to give a refund after creating a Credit Memo?

A: Answer: As per Q/A guideline, first question has been answered. Please repost remaining question. Cr...

Q: On 1 January 2015: A Company has a Building which cost $800,000. Accumulated Depreciation to date on...

A: Impairment loss = Carrying amount – Recoverable amount Carrying amount = Original cost – Accumulated...

Q: In May 2017, o parent sola inventories to a subsiaiary entity for $60 000. The inventories nao previ...

A: When a company takes over the shares of another company, it would be considered as consolidation. Th...

Q: Karen finds that many claim forms were rejected because important information was omitted. How might...

A: Insurance appears to be a contractual covering in which one party promises to repay or insure anothe...

Q: Leni Company regularly buys merchandise from Lmao Company and is allowed trade discounts of 15% and ...

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is...

Q: Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida. The follow...

A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...

Q: Problem 9-13 Two firms have sales of $0.9 million each. Other financial information is as follows: ...

A: 1)Calculation of the operating profit margins and the net profit margins for these two firms as foll...

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play ...

Q: Kiko Company has the policy of valuing inventory at the lower of cost and net realizable value using...

A: Net realisable value is the replacement value of the inventory that can be received from selling the...

Q: Checks Issued How much is the Balance per Book? Requirements= 1. Present the Reconciliation per Bank...

A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to corre...

Q: Joe and Jane Keller are a married couple who file a joint income taxreturn, where the tax rates are ...

A: The marginal tax rate seems to be the sum of additional tax that must be paid for each new dollar of...

Q: Ventana Window and Wall Treatments Company provides draperies, shades and various window treatments....

A: Initial Markup = it is the original amount of markup from cost price to the selling price  Additiona...

Q: On March 15, 2014, Rex Company paid property taxes of P180,000 on the factory building for calendar ...

A: As per accrual concept of accounting, business should record all expenses and revenues for the parti...

Q: A bond with a face value of $4,000 pays quarterly interest of 3.5 percent each period. Twenty-two in...

A: The question is based on the concept of Financial Management. Fair value of the bond is the present ...

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.