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1 year ago

When a company uses a service organization to prepare its payroll, the company's auditors?

1 answer:

6 0

When a company uses a service organization to prepare its payroll, the company's auditors need to understand the internal controls over the transaction regardless of the location of the control.

<h3>What is meant by payroll?</h3>

A payroll is a list of the employees of a company who are eligible for payments and other work perks, as well as the amounts that each person is supposed to receive.

Payroll is the process of paying employees of a business, which includes keeping track of hours worked, figuring out salaries, and sending checks or direct deposits to employees' bank accounts.

A Payroll Specialist with 2-3 years of work experience can earn an average income of up to 7 lakh per year. In addition, you may be eligible for a bonus between INR 30,000 and INR 40,000, based on your performance and work history.

Regardless of where the control is placed, the internal controls over the transaction must be understood by the company's auditors when the firm contracts a service provider to produce its payroll.

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A firm has a long-term debt-equity ratio of .4. Shareholders’ equity is $1 million. Current assets are $200,000, and the current

Nuetrik [128]

Answer:

Total debt ratio is 33.33%

Explanation:

A long term debt to equity ratio of 0.4 tells that the value of long term debt is 0.4 or 40% of the value of the equity. If the value of the equity is $1 million, the value of long term debt is,

Long term debt = 0.4 * 1000000 = $400000

A current ratio is calculated by dividing the current assets by the current liabilities. It tells how many current assets are available to satisfy $1 of current liabilities. A current ratio of 2 means that for every $1 of current liability, $2 of current assets are available. Thus, current liabilities are half of current assets. If the value of current assets is $200000, the value of current liabilities is,

Current liabilities = 200000 * 1/2 = $100000

Total liabilities = 400000 + 100000 = $500000

A debt ratio is calculated by dividing the value of total debt or total liabilities by the value of total assets.

Total assets = total liabilities + total equity

Total assets = 500000 + 1000000

Total assets = $1500000 or $1.5 million

Total debt ratio = 500000 / 1500000

Total debt ratio = 1/3 or 0.3333 or 33.33%

5 0

3 years ago

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that a

victus00 [196]

Answer:

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC, P>ATC, MR =MC, or MR>MC at the optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is the efficient scale. True False

This indicates that there is a markup on marginal cost in the market for shirts. True False

Explanation:

In the long run, monopolistically-competitive entities produce at a level where marginal cost and marginal revenue are equal. This makes it impossible for individual companies to sell their products at prices above the average cost. This situation means that monopolistically-competitive companies will always earn zero economic profit in the long run.

3 0

3 years ago

The price/sales multiple is typically only used for the valuation of firms without earnings. true false

sveta [45]

The main purpose of price/sales multiple ratio is typically only for the purpose of valuation of firms having no earnings till the date of valuation. Therefore, the given statement holds true.

<h3>What is the significance of Price/Sales ratio?</h3>

Price/Sales ratio can be referred to or considered as a ratio that is used to determine the total sales made by the company without earning any profits over their sales at a given price.

Investors use this ratio in order to valuate a firm based on the sales they have made in multiples, however without earnings, that can prove to derive good investment returns in the future.

Therefore, the aforementioned statement regarding price/sales ratio holds true.

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3 0

1 year ago

determine the net income of a company for which the following information is available for the month of july. employee salaries

djyliett [7]

The net income of the company is $193,000

What is the net of the company?

The net income of the company is the total consulting revenue minus the salaries expense, interest expense, and rent expense, in other words, revenue minus total costs of running the company

net income=consulting revenue-rent expense-interest expense-salaries expense

consulting revenue=412,000

rent expense=23,000

interest expense=13,000

salaries expense=183,000

net income=412,000-23,000-13,000-183,000

net income=$193,000

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5 0

2 years ago

2. What are two measures of inflation?

ddd [48]

Answer:

CPI and WPI

Explanation: Consumer Price Index measures the percentage change in the price of a basket of goods and services consumed by households. Wholesale Price Index is the price of representative of basket of wholesale goods.

8 0

3 years ago