Answer:
1. The correct answer is b) Confidentiality.
2. The CEO supports the CFO and does not agree to correct the financial statements
Explanation:
1. Confidentiality is an important element for different companies and professions, for example, through confidentiality, companies protect much of their information. That is why many companies make a confidentiality agreement with their employees when hiring them with the aim that the Company information is not shared for any reason.
There are confidentiality agreements that remain in force after people have stopped working at the company, for example in the case of the accountant who denounces the financial irregularities of his former boss, violates the confidentiality agreement and if his employer shows that he has no irregularity he can sue the accountant for not complying with the agreement.
2. Executive Director of the company is known as the CEO, whose function is the development of the business plan and the organization of the company.
The CFO is the acronym for the financial director in companies, they have the function of financial planning.
In companies, Executive Director (CEO) has the authority to accept or deny actions to be taken, for example, he has the authority to tell the chief financial officer (CFO) not to correct the company's financial statements. When the company has problems, it may be that the CEO and CFO will have responsibilities taking into account their functions.
<em>I hope this information can help you.</em>
Answer:
raw materials 20000 debit
accounts payable 20000
WIP 8000 debit
factory overhead 1000 debit
raw materials 9000 credit
WIP 84000 debit
factory overhead 24000 debit
wages payables 108000 credit
factory overhead 10100 debit
cash 10100 credit
WIP 49000 debit
factory overhead 49000 credit
Finished Goods 18000 debit
WIP inventory 18000 credit
COGS 15000 debit
Finished Goods 15000 credit
Explanation:
The indirect materials and labor will be considered actual factory overhead thus debited into that account
same procedures applies to the repair and utilities paid in cash we have to posted into factory overehad
from the cost sheet we determiante 7,000 labor hours we apply the $7 overhead rate per our to get the amount of applied overhead
The finished goods will increase while the WIP inventory decrease by the ammount transferred out
The COGS is an expense which decreases our finished goods inventory as we sale them and are no longer in our possesion.
Answer:
M2 = $470 billion.
Explanation:
M2 = Currency + Money market mutual fund + Time deposits + Saving deposits
M2 = 200 billion + 10 billion + 40 billion + 220 billion
M2 = $470 billion.
M2 is a calculation of the money supply that includes all elements of M1 as well as "near money"
Answer:
$30,604
Explanation:
The computation of the interest expense for the year 2020 is as follows:
2019 interest expense is
= Equipment amount × rate of interest
= $311,967 × 9%
= $28,077
The Dec 31 2019 liability of book value is
= $311,967 + $28,077
= $340,044
Now the interest expense for the year 2020 is
= $340,044 × 0.09
= $30,604
Answer:
a 1) FIFO
Closing Inventory = $1,760
Cost of Goods sold = $11,264
2) LIFO
Closing Inventory = $1,056
Cost of Goods sold = $11,968
b) FIFO gives the higher ending inventory than LIFO because the oldest items and lowest costs are allocated to the cost of goods sold.
c) LIFO results in higher cost of Goods sold because latest cost are allocated to the cost of goods sold and latest cost may include price increases.
Explanation:
FIFO
Closing inventory = 176 units * $10= $1760
Cost goods sold = 352 units + 704+528 -176 =1,408 units sold
from opening $2,112
12 June = $5632
23 June = ( 528-176) =352 units * 10 =3,520
total sold = $11,264
LIFO
Closing inventory = 176 units * 6 = $1,056
Cost goods sold = 352 units + 704+528 -176 =1,408 units sold
23 June = $5,280
12 June = $5,632
1 June = (352-176) = 176 *6 = $1,056
Total = $11,968
