Answer:
a. Compare the details of cash receipts with journal entries.
b. Prepare a bank transfer schedule.
c. Confirm the terms of borrowing with the lenders agreement.
d. Send request to confirm the entity's account receivable balance.
e. Inspect payroll data of employees and cross check with the transaction recorded.
f. Obtain cut off bank statement to reconcile the transaction.
g. Examine the selected repair order and physically examine the equipment whether repair work is don or not.
h. Examine the supporting documents for the invoice such as purchase order, goods received note and Purchase requisitions.
i. Inspect the payroll endorsements for similar handwriting.
Explanation:
Audit is mandatory for all the companies. The verified financial statements are considered as reliable because they are rechecked by the auditors and if any error or fraud is found it is immediately corrected and rectified. Audit is a critical process which involves objectivity and integrity of a person. The auditors must be independent and they should not have any familiarity with the business employees or owners.
Guido and hal want to rescind their contract under which Guido sold hal a mountain bike for $100. To rescind the contract. Guido must return the $100 and Hal must return the bike.
<h3>What do you mean by contract?</h3>
- A contract is an enforceable legal arrangement that establishes, details, and regulates the rights and duties of the parties.
- The transfer of commodities, services, money, or a promise to transfer any of those at a later time are common components of contracts.
- The damaged party may seek legal remedies like damages or rescission in the event of a contract breach.
- The foundation of contract law, which is the area of law of obligations pertaining to contracts, is the idea that agreements must be upheld.
<h3>What constitutes a contract's seven elements?</h3>
- Basics of contracts.
- Classification of contracts.
- Offer.
- Acceptance.
- A gathering of minds.
- Consideration.
- Capacity.
- Legality.
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Answer:
The Deans vested benefit will be $13,776.
Explanation:
We can take out the Dean's vested benefit or you can say the annual retirement benefit he has earned so far by multiplying the average of three highest annual salaries by benefit percentage and also multiplying that by the vesting percentage of Deans and the number of years for which he has worked under WCC inc .
DEAN VESTED BENEFIT =
Average of 3 annual salaries x benefit % x vested % of dean x number of
years dean has worked
Firstly here we have to take out the average salary of 3 years,
$71,750 x 3 / 3
= $71,750
DEAN VESTED BENEFIT =
$71,750 X 4% X 80% X 6
= $13,776
Answer:
$4872
Explanation:
Given: Purchase price of an office building= $220000.
Out of cost building, $30000 was allocated to the land.
Remember, As per current US Tax code, commercial building can be depreciated over 39-year straight-line for commercial property.
Now, calculating the current year depreciation deduction.
We know, land is not depreciable.
∴ Cost of building=
⇒ Cost of building=
∴ Cost of building=
Next calculating depreciation using straight line method ignoring salvage value.
Depreciation deduction=
∴ Depreciation deduction=
Hence, The corporation's current year depreciation deduction for the building is $4872
Answer:
Product A because the contribution margin per MH is $23.33
Explanation:
In terms of efficiency, you have to look for the highest outcome with the fewer use of resources. In this case, the resources available are the machines, and the outcome is the profit (margin per unit). Applying the formula: Efficiency producing X (Ex) = [(1 hour of machine hour) / (Product x timed used per unit)]Margin per unit X, and comparing products A and B, you get that producing A is more efficient in terms of profits than producing B, by $10,1 per hour (23,33 - 13,2)