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ohaa [14]
2 years ago
5

The study done by the Committee of Sponsoring Organizations (COSO) on financial statement frauds that occurred during the period

from 1987-1997 had many key findings. Which of the following is NOT one among them?
Business
1 answer:
Nadya [2.5K]2 years ago
3 0

Answer:

Most of these firms had audit committees that met at least four times a year.

Explanation:

COSO stands for Committee of Sponsoring Organization, which is an organization that is dedicated to offering the thought of guidance as well as leadership on the fraud deterrence, internal control and management of  enterprise risk.

From the findings which is not found as fraud is that the most of the firms or businesses had committees of audit which met at least 4 times a year.

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Jenna is searching for a job that suits her tastes about where to live. Mary is looking for a job that makes best use of her ski
katen-ka-za [31]

Answer:

a. Jenna and Mary are both frictionally unemployed.

Explanation:

Frictional unemployment is short-term in nature and arises as workers search for their first jobs or are moving between jobs.  An example of frictional unemployment is a fresh graduate searching for their first employment. Frictional unemployment is the natural unemployment in the economy. It is caused by factors that lead to economic under-performance.

Shifts in the economy cause structural unemployment. It occurs when the skills available are not suited for the current job openings. Jenna and Mary have not been affected by changes in the economy.  Their unemployment is natural and temporally.

7 0
3 years ago
HELP!! : Could a sales representative easily translate his or her skills into being a buyer? What would be
Lunna [17]

Answer:

Yes, a sales representative can translate his skills into being a buyer

Explanation:

A sales representative is one who completes a sale of a product in a direct or face to face interaction with the buyer.

Skills of a good sales representative includes:

1. Product knowledge

2. Strategic prospecting skills

3. Active listening

4. Communication

5. Good time management

A sales representative can convert all these skills listed above into becoming a better judge of a product as a buyer and in relation with other sales representatives.

One of the challenging thing about the shift would be the ability to trust another sales representative's words about a product or service.

The skill that would translate seamlessly would be product knowledge because if a sales rep already have a good knowledge of a product before it would greatly enhance his choices when choosing one for himself.

3 0
3 years ago
Garden Sales, Inc, sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has
muminat

Answer:

Garden Sales, Inc.

                                                       April            May          June          Total

1. Cash Collections:

Cash sales (20%)                         $92,000   $198,000   $88,000  $378,000

Credit sales:

10% month of sale                         36,800       79,200     35,200       151,200

70% month following sale           123,200    257,600   554,400     935,200

20% second month following      25,600      35,200      73,600      134,400

Total cash collections               $277,600 $570,000  $751,200 $1,598,800

2. Merchandise Inventory:

a.    Purchases Budget                   April            May          June      

Cost of goods sold                      322,000    693,000   308,000

Ending inventory (15%)                 103,950      46,200     35,700

Goods available for sale             425,950    739,200   343,700  

Beginning inventory                      84,000     103,950    46,200

Purchases                                    341,950    635,250   297,500

b. Cash payment for purchases:

50% month of purchase              170,975     317,625    148,750      637,350

50% month following purchase 126,000      170,975    317,625      614,600

Total payment for purchases  $296,975  $488,600 $466,375 $1,251,950

3. Cash Budget

                                                       April            May          June         Total

Beginning cash balance           $46,000   $40,225     $40,425     $46,000

Total cash collections                311,200    652,800     727,600 $1,691,600

Cash available                        $357,200 $693,025   $768,025 $1,737,600

Payment for purchases          $296,975  $488,600 $466,375 $1,251,950

Other payments:

Dividends                                   24,000                                              24,000

Land purchase                                              32,000                           32,000

Selling & administrative exp.   115,000       134,000      73,400      322,400

Total cash payments            $435,975   $654,600  $539,775 $1,630,350

Cash Balance                           (78,775)       38,425    228,250     228,250

Minimum Cash balance         (40,000)      (40,000)  

Cash required                       $118,775         $1,575       0                      0

Cash borrowed                    $119,000        $2,000   (123,400)     (123,400)

Ending balance                       40,225        40,425    104,850       104,850

4. To: The President

From: FC

Subject: Revised Estimates and the Cash Budget

Date: April 26, 2021

The revised estimates will ensure that the company has the ability to pay off its borrowings in April and May by the end of the second quarter.

It should be maintained.

Regards,

Explanation:

a) Data and Calculations:

Budgeted monthly absorption costing income statements for April-July are:

                                                       April            May          June          July

Sales                                           $460,000 $990,000 $440,000 $340,000

Cost of goods sold                      322,000    693,000   308,000   238,000

Gross margin                                138,000    297,000    132,000    102,000

Selling and administrative expenses *

Selling expense                             89,000      94,000     55,000     34,000

Administrative expense                42,000      56,000     34,400     32,000

Total selling and administrative

expenses                                     131,000     150,000     89,400     66,000

Net operating income                  $7,000   $147,000   $42,600   $36,000

                                                       April            May          June          July

Sales                                           $460,000 $990,000 $440,000 $340,000

Credit sales (80%)                        368,000    792,000   352,000   272,000

Cash collections

Cash sales (20%)                         $92,000   $198,000   $88,000  $68,000

Credit sales:

10% month of sale                         36,800       79,200     35,200     27,200

70% month following sale           123,200    257,600   554,400   246,400

20% second month following      25,600      35,200      73,600    158,400

Total cash collections               $277,600 $570,000  $751,200 $500,000

                                                       April            May          June          July

Cost of goods sold                      322,000    693,000   308,000   238,000

Ending inventory (20%)                138,600       61,600     47,600

Goods available for sale             460,600    754,600   355,600  

Beginning inventory                      64,400     138,600      61,600     47,600

Purchases                                   396,200     616,000   294,000

Cash payment for purchases:

50% month of purchase             198,100     308,000    147,000

50% month following purchase 93,800       198,100   308,000

Total payment for purchases $291,800   $506,100 $455,000

Other payments:

Dividends                                   24,000

Land purchase                                              32,000

Selling & administrative exp.   115,000       134,000      73,400

Total cash payments           $430,800     $672,100 $528,400

Principal debt to bank at the end of the quarter =    $121,000

+ Interests: 1% of $119,000 = $1,190

1% of $121,000                         1,210

Total interest owed              $2,400                               2,400

Total debt to the bank at the end of the quarter = $123,400

Revised Estimates:

Credit sales (80%)                        368,000    792,000   352,000   272,000

Cash collections

Cash sales (20%)                         $92,000   $198,000   $88,000  $378,000

Credit sales:

25% month of sale                        92,000     198,000      88,000    378,000

65% month following sale            114,400    239,200     514,800    868,400

10% second month following        12,800        17,600      36,800       67,200

Total cash collections                $311,200  $652,800  $727,600 $1,691,600

                                                        April            May          June          July

Cost of goods sold                      322,000    693,000   308,000   238,000

Ending inventory (15%)                 103,950      46,200     35,700

Goods available for sale             425,950    739,200   343,700  

Beginning inventory                      84,000     103,950    46,200

Purchases                                    341,950    635,250   297,500

Cash payment for purchases:

50% month of purchase              170,975     317,625    148,750

50% month following purchase 126,000      170,975    317,625

Total payment for purchases  $296,975  $488,600 $466,375

Other payments:

Dividends                                   24,000

Land purchase                                              32,000

Selling & administrative exp.   115,000       134,000      73,400

Total cash payments           $435,975    $654,600  $539,775

5 0
3 years ago
A will that is completely handwritten dated and signed by the person making the will
Marta_Voda [28]
It's called a <u>holographic will</u>.
6 0
3 years ago
These items are taken from the financial statements of Windsor, Inc. at December 31, 2017.
nordsb [41]

Answer:

To make balance sheet we first have to calculate net income/net profit for the year.

<em><u>Net profit Calculation</u></em>

Service revenue            $ 13,524

Insurance expense        ($     718 )

Depreciation expense   ($ 4,876)

Interest expense           ($ 2,392)

Profit                              $ 5,538

<em><u></u></em>

Balance Sheet

Asset

Non-Current Asset

Land                                                            $56,304                                                            

Buildings                                                     $97,336

Accumulated depreciation—buildings      ($41,952)

Equipment                                                   $75,808

Accumulated depreciation—equipment   ($17,222)

Total non Current Asset                            $170,274

Current Asset

Cash                                                              $10,893

Accounts receivable                                    $11,592

Prepaid insurance                                         $2,944

Current Asset                                               $25,429

Total Asset                                                   $195,703

Equity

Common stock                                              $55,200

Retain Earning (36,801+5,538)                     $42,339

Total Equity                                                   $97,539

Liability

Non-Current Liability

Current Liability

Accounts payable                                           $8,740

Notes payable                                                $86,112

Interest payable                                               $3,312

Total Current Liability                                  $98,164

Total Liability + Equity                                $195,703

5 0
3 years ago
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