Answer:
Any adjustment section in the Accounts ought to be assessed and ought to be endorsed by the controller before posting it. The supporting clear archive to be delivered and held with the voucher for review reason.
Here, the case is money receipt is recorded twice, and requirements to book revising passage. Necessities to examine about the section, and need to cross check with money equalization and deals balance, Cash receipt number etc.to ensure this is a real case and ensure no fraud is occurring.
Answer:
Promissory Estoppel
Explanation:
Promissory estoppel states that a person who has promised to fulfill a contract cannot go back on the promise even if consideration was yet to be given. The affected party can file suit against the party who refused to fulfill his promise and can claim damages.
Promissory estoppel was created to protect parties under contract from incurring damages due to backing off by the other party. Here, Suzy can sue George on the basis of promissory estoppel.
Answer:
the probability that exactly 30 of the 500 calculators IS 0.0495
Explanation:
Given data:
number of calculators n = 500,
percentage of defected calculators p = 0.05
From Normal approximation method;
Therefore probability is
P(X= 30) = P(29.5< X< 30.5) ( from continuous correction)
![ =P[\frac{(29.5-25)}{4.87}] < \frac{(X-mean)}{s} < \frac{(30.5-25)}{4.87} =P(0.92](https://tex.z-dn.net/?f=%0A%3DP%5B%5Cfrac%7B%2829.5-25%29%7D%7B4.87%7D%5D%20%3C%20%5Cfrac%7B%28X-mean%29%7D%7Bs%7D%20%3C%20%5Cfrac%7B%2830.5-25%29%7D%7B4.87%7D%0A%3C%2Fp%3E%3Cp%3E%0A%3DP%280.92%3CZ%3C%201.13%29%0A)
=0.0495 (from standard table of Z )
Answer:
$2,380,500 and $357,500
Explanation:
The movement in the balance of inventory at the start and end of a period is as a result of sales and purchases. While sales reduces the balance in inventory, purchases increases the balance. This may be expressed mathematically as
Opening balance + purchases - cost of goods sold = closing balance
As such, when inventory is overstated at the start of the year, the ending inventory would also be overstated by the same amount, the cost of goods sold would be overstated and net income understated.
Correct amount of asset
= $2406000 - $25500
= $2,380,500
net income for the year
= $332000 + $25500
= $357,500
