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2 years ago

the audit working paper that reflects the major components of an amount reported in the financial statement is the

1 answer:

4 0

The audit working paper that reflects the major components of an amount reported in the financial statement is the Lead Schedule.

<h3>What is the Lead Schedule?</h3>

A working document known as a lead schedule lists the specific general ledger accounts that make up a line item in the financial statements.
The sum for the related line item in a client's financial statements should match the number on the lead schedule.
The general ledger (GL) accounts that are present in each financial statement line item and note disclosure are listed in a lead schedule.
Each line item or group of related line items on the financial statement would typically have its lead schedule. The final balance in the financial statements and the sum on the lead schedule should match.
The lead schedule gives a list of the contents of each line item. This is a useful starting place for your records.

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Jake considers himself to be a follower of Thomas Malthus. Which of the following statements would Jake be most likely to make?

Ber [7]

Answer:

Explanation:

The Malthus theory states that population should be controlled because there are no enough resources to please the future needs. This is how it works: in the short-run there is a change in technology that leads to an increase in income. Because people have more income, better life standards, the birth rate increases and exceeds the death rate. In the long-run total income would have to be distributed between more people than before and the economy reaches the equilibrium again, in which the birth rate equals the death rate.

In other words, econmic success becomes a reproductive success.

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3 years ago

The 2018 income statement of Adrian Express reports sales of $20,510,000, cost of goods sold of $12,550,000, and net income of $

In-s [12.5K]

Answer:

1. Gross profit ratio= Gross Profit/ Sales *100

-Sales $ 20510,000

-Gross Profit = Sales - Cost of Goods Sold =20,510,000 - 12,550,000 = 7,960,000

Gross Profit Ratio= 7,960,000 / 20,510,000 * 100

= 38.81%

2.Return on Assets= Net income after tax / Average Total assets

Where Average Total assets= (9,800,000+8,160,000) / 2= 8,980,000

Where Net income after tax= 1,940,000

Return on Assets = 1,940,000 / 8,980,000 * 100 = 21.60%

3.Profit Margin= Net income/ Sales *100

=1,940,000 /20,510,000 *100

= 9.46%

4. Total Assets turnover= Sales / Average assets

=20,510,000 / 8,980,000

=2.28 times

5 Return on Equity: Net income after tax/ Average stockholder's equity

Where Average Stockholder's equity: (2,050,000 +3,190,000 + 1990000 + 1766000) / 2 = $4498,000

Return on Equity: 1940000/4498,000 *100

= 43.13%

7 0

3 years ago

A fire has destroyed a large percentage of the financial records of the strongwell co. you have the task of piecing together inf

jeyben [28]

Return on assets = .138/(1+ .72414) = .08, or 8 percent.

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3 years ago

A ____ is drawn on a financial institution and is payable upon demand?

Molodets [167]

Answer: check

Explanation:

A <em>check</em> is drawn on a financial institution and is payable upon demand.

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3 years ago

Read 2 more answers

The statement of cash flows for Baldwin Company shows what happens in the Cash account during the year. It can be seen as a summ

Fynjy0 [20]

Answer:

d) It is a use of cash, and will be shown in the investing section as a subtraction.

Explanation:

The plant improvements will result in cash outflow and is to be considered as an investing activity and not financing activity. It is not a source of cash. So, this option is incorrect.

There will be cash outflows when a company makes plant improvements. It is reported under the investing activity and not under financing activity. So, this option is incorrect.

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6 0

3 years ago