Answer and Explanation:
The preparation of the sales section of the income statement is presented below:
<u>Income Statement
</u>
<u>For the year ended </u>
Sales
Sales revenue $903,400
Less:
Sales Discount $15,400
Sales return & allowances $22,000
Net Sales $866,000
hence the net sales is $866,000
The freight out would not be considered. Hence, ignored it
When two companies come together strategically to operate is called a joint venture.
<h3>What is a Joint Venture?</h3>
A Joint simply put is when two separate entities or business agree to share resources with the aim of archeiving similar or one objective.
Mostly, this is carried out when a company intend to enter a foreign market.
Learn more about joint venture here:
brainly.com/question/9389546
Answer:
The answer is stated below:
Explanation:
If the SEC and the AICPA, worked altogether in order to share the information, they might have detected the fraud prior. The case states that the Madoff Securities does not required to submit the peer review program to AICPA as Friehling, had recorded that he did not perform or conduct any audits.
Recommendation
1. The policy execution for the exchange of the information among the two firms would be useful to detect the fraud.
2. The PCAOB should spend more resources an attending the hotline of whistle blowing through executing the policies which need certain complaints to be addressed effectively.
3. The firms or company should have done more in order to verify the financial statements assertions, which surrounds the investments. The PCAOB need to execute the policy that require the companies (such as Madoff Securities) to correctly answer the inquiries of the auditor.
The one responsible of providing a fully inclusive document
that details the mission of the organization, its objectives and their
operations is called business. Business are likely to be run by a group of
people in which they have a common interest or purpose in order to achieve
their goal.
Answer:
The given findings should be reviewed by the <u>tissue committee.</u>
Explanation:
The tissue committee is a committee in a hospital or health care facility that is responsible for preventing unnecessary surgeries, evaluating the performed surgeries and detecting delays in performing a surgical procedure. This committee is also responsible for reviewing preoperative and postoperative diagnoses with the pathological findings.
<u>Therefore, the given findings should be reviewed by the </u><u>tissue committee.</u>
