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3 years ago

The objectives of internal control are to

Business

1 answer:

maw [93]3 years ago

5 0

Answer:

a. Provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.

Explanation:

"In an “effective” internal control system, the following five components work to support the achievement of an entity’s mission, strategies and related business objectives. 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring"

Reference: Cruz, Sharise. “What Are the Five Components of the COSO Framework?” What Are the Five Components of the COSO Framework?, 2016

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Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations.

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Answer:

Follows are the solution to the given points:

Explanation:

In point a:

Formula:

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In point b:

Formula:

$=\text{Income from operation + Gain on sale of plant assets} - \text{Interest Expense} -\text{Loss from discontinued operations}\\\\=112,250+30,560- 5,840- 11,990\\\\=124,980$

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$=\text{Net Income- Allocation to noncontrolling interest}$

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Formula:

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3 years ago

Smith has applied overhead of $73,000 and actual overhead of $87,600 for the month of November. It applies overhead based on dir

oee [108]

Answer:

Estimated direct labor hours= 180,000

Explanation:

Giving the following information:

Overhead for the year was estimated to be $900,000.

Smith has applied overhead of $73,000

It applies overhead based on direct labor hours and those equaled 14,600 in November.

We have to reverse engineer the allocation method for manufacturing overhead.

First, we need to calculate the estimated overhead rate:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

73,000= Estimated manufacturing overhead rate*14,600

$5= Estimated manufacturing overhead rate

Estimated manufacturing overhead rate= $5 per direct labor hour

Now, we can determine the estimated direct labor hours:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

5= 900,000/ total amount of allocation base

5*X= 900,000

total amount of allocation base= 180,000

Estimated direct labor hours= 180,000

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