Answer:
Financial statement fraud
Explanation:
Financial statement fraud - it is referred to as the alternations in financial statements that are induced by the company's itself The main reason behind alternation in the financial statements is due to the mislead people dealing with finance and developed the false picture of the company's financial information.
some ways through which financial statement fraud can be done are
- by making false entries
- altering the finance statement by changing the data value
- inducing false information
Answer:
$960,000
Explanation:
The net realizable value is the total cash that the company will expect to receive from their accounts receivable. The net realizable value (NRV) can be determined by:
NRV = total accounts receivable - allowance for doubtful accounts = $1,000,000 - $40,000 = $960,000
Answer:
Net cash provided by operating activities $3,221,400
Explanation:
The computation of the net cash provided by operating activities using the indirect method is given below
cash provided by operating activities
Net income $2,950,000
Add: depreciation $188,800
Add: decrease in account receivable $413,000
Less: decrease in account payable -$330,400
Net cash provided by operating activities $3,221,400
Answer:
a) Is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty?
- No he is not required to make any payments or increase his withholdings because this year's withholdings already represent a 133% increase with respect to last year's tax liability. If the withholdings for the current are over 100% last year's tax liability, then the taxpayer doesn't need to make any further adjustments in order to avoid underpayment penalties.
b) By how much, if any, must Santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment penalties?
Answer:
Ending invenory= $1,298
Explanation:
Giving the following information:
July 1 Beginning inventory 35 units at $22 $770
July 7 Purchases 124 units at $24 $2,976
July 22 Purchases 18 units at $26 $468
A physical count of merchandise inventory on July 30 reveals that there are 57 units on hand.
<u>To calculate the ending inventory using the LIFO (last-in, first-out) method, we need to use the cost of the firsts units incorporated into inventory:</u>
Ending inventory= 35*22 + 22*24
Ending invenory= $1,298
