Answer:
The options do not match the case, since Sandi proposed the corporation and Walter is having second thoughts about it due to corporate taxes.
Walter might be right or wrong depending on the type of corporation that they choose to form. If they choose to form a S corporation they will not be double taxed, since S corporations are pass through entities. But if they choose to form a C corporation, then they will be subject to double taxation since the C corporation will have to pay income taxes and Sandi and Walter will also be required to pay income taxes.
Both C and S corporations provide their stockholders limited liability, so neither Sandi or Walter will be personally liable for any obligation that the corporation may acquire or be imposed to (e.g. lawsuits).
Answer:
$12,000
Explanation:
Given:
Payroll(7 days) = $20,000
Number of work day in week = 5 Days
Computation:
Per day Payroll = Weekly payroll / Number of work day in week
Per day Payroll = $20,000 / 5
Per day Payroll = $4,000
Deductible Days = Monday + Tuesday + Wednesday
Deductible Days = 3 days (work day in week)
So, Debited Amount = Number of days x payroll amount per day
= 3 x $4000
= $12,000
Answer:
Explanation:
Step 1:
the auditor is required to provide reasonable assurance for the financial statement audited.To provide such reasonable assurance,appropriate evidence must be obtained to confirm that no material misstatement material is present in the financial statement
Step 2:
For each statement select true or false in the following manner
a. A recent improvement in computer hardware is the ability to automatically produce error listings. Previously, this was possible only when provisions for such a report were included in the program.
FALSE
b. The control of input and output to and from the information systems department should be performed by an independent data control group.
TRUE
c. An internal-audit computer program that continuously monitors IT processing is a feasible approach for improving internal control in OLRT systems.
TRUE
d. An internal label is one of the controls built into magnetic tape drive hardware by the hardware manufacturers.
FALSE
e. A limit test in a computer program is comparable to a decision that an individual makes in a manual system to judge a transaction's reasonableness.
TRUE
f. A principal advantage of using magnetic tape files is that data need not be recorded sequentially.
FALSE
g. A major advantage of disk files is the ability to gain random access to data on the disk.
TRUE
h. The term grandfather-father-son refers to a method of protecting computer records rather than to generations in the evolution of computer hardware.
TRUE
i. When they are not in use, tape and disk files should be stored apart from the computer room under the control of a librarian.
TRUE
Answer:
Fixed overhead volume variance $540 unfavorable
Explanation:
<em>The fixed overhead volume variance is the difference between the budgeted and actual production volume multiplied by the standard fixed production overhead rate per unit.</em>
Overhead absorption rate = Budgeted Fixed overhead/Budgeted units
= 27,000/1000 =$27 per unit
Unit
Budgeted production 1000
Actual production <u> 980</u>
Volume variance 20
Standard fixed overhead cost $<u>27</u>
Fixed overhead volume variance <u> $540</u> unfavorable
Answer:
a. income after taxes - consumption.
Explanation:
Private savings is the amount that is saved in a household. The salary earners in a household usually get their income(salary or wages) in which a percentage is removed as tax. The remainder of the money is used to finance the home.
The private savings is simply gotten by income tax minus the consumption.