The correct answers are, Public, Environment, Derivative Suit, Benefit Report.
Explanation:
Any corporation which is established to benefit people, society and the environment, is called as the Benefit corporation.
The main purpose is to benefit the Public, so the directors must consider the impacts of their decisions on society and the Environment. Shareholders have an additional right to private action called a Derivative Suit, that allow them to sue the corporation for failure to pursue the purpose. Finally, benefit corporations must issue an annual Benefit Report on its performance and include a third party standard of assessment.
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Answer:
The amount worth $6,000 will be debited to the account in Year 2
Explanation:
When the uncollectible accounts are written off, then the debit is created to the allowance and the credit to the accounts receivable. The starting balance in the allowance account is $90,000 and the ending balance is $100,000 and the expense of bad debt is $16,000
The write off is computed as:
Write off = Beginning balance + Bad debt expense - Ending balance
= $90,000 + $16,000 - $100,000
= $106,000 - $100,000
= $6,000
Therefore, the amount of $6,000 is to be write off in Year 2
Answer:
D. $ 3 million or more
Explanation:
Since the minimum materiality amount on individual basis is $3 million for client's income statement.
Therefore, whether it is on individually or collectively identified that there is misstatement of at least $3 Million the auditor will consider it material.
They will notify appropriate authorities regarding the misstatement.
Situations in which an employer would be required to pay overtime are:
A salaried employee works on a Saturday
A salaried employee works on a federal holiday
Explanation:
Overtime payments are required b the law to pay to a firm when they make their employees work over the permissible limit of work or hat is allowed int he job contract as the work limit for the company.
The concept is introduced for salaried workers as the work for a salary for the month and not on the hourly basis.
They are to be paid whenever they are made to work over whatever is in their contract which includes Saturday for most workers who do not have an off then and also on federal holidays invariably.
