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lana [24]
4 years ago
8

Using personal computers in auditing may affect the methods used to review the work of staff assistants because

Business
1 answer:
qaws [65]4 years ago
8 0

Answer:

Audit documentation may not contain readily observable details of calculations.

Explanation:

This is because unlike paper based working documentation which tend to details each of the cost or expenses and profits made, utilizing personal computers in auditing may influence the techniques used to review the work of staff assistants because oftentimes using audit documentation may not comprise readily noticeable elements of calculations.

Hence, in this case, the correct answer is: Audit documentation may not contain readily observable details of calculations.

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A 40-year old taxpayer has owned a Roth IRA for more than 5 years. A $10,000 distribution will be considered nonqualified if the
olga_2 [115]

Answer:

Your answer would be , ''used to pay for higher education expenses''

Explanation:

8 0
3 years ago
Q 17.1: ________ is not considered a step in activity-based costing.
Ierofanga [76]
Identifying a single overhead rate as the predetermined overhead rate (b)
3 0
4 years ago
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue an
harina [27]

Answer:

a.income statement for the year ended in December 31 2018

Fees earned                                                $383,500

Less Expenses :

Miscellaneous Expense      $14,500

Rent expense                     $22,500

Supplies expense                $11,300

Utilities expense                 $16,700

Wages expense                $170,000        ($235,000)

Net Income/(loss)                                        $148,500

b. retained earnings statement for the year

Opening Retained Earnings                     $1,341,000

Add Profit for the year                                $148,500

Less Dividends during the year                 ($75,000)

Closing  Retained Earnings                      $1,414,500

c. balance sheet as of December 31 2018

Assets

Non-Current Assets

Land                                                      $1,500,000

Total Non-Current Assets                    $1,500,000

Current Assets

Supplies                                                      $7,000

Accounts receivable                              $236,500

Cash                                                         $190,500

Total Non-Current Assets                      $434,000

Total Assets                                         $1,934,000

Equity and Liabilities

Equity

Common stock                                      $450,000

Retained Earnings                                $1,414,500

Total Equity                                          $1,864,500

Liabilities

Non-Current Liabilities

Total Non-Current Liabilities

Current Liabilities

Accounts payable                                  $69,500

Total Current Liabilities                         $69,500

Total Equity and Liabilities                $1,934,000

d. Profits for the year.

Explanation:

The Net Income has to be calculated first.

The calculated net income is used to determine the ending retained earnings balance for the year.

The Retained Earnings Balance for the year is part of Equity in the Balance Sheet.

4 0
3 years ago
f Brent, a contractor refuses to complete a room addition unless the homeowner pays him an additional $20,000, this may be const
STatiana [176]

Answer:

Economic duress

Explanation:

We say there is an economic duress during a contract when one party to the contract threatens to terminate the contract if the other person does not agree to their demands. Brent is asking for more money, if he does not get this, he says he would leave the work unfinished.

When this happens, the other party may be left stuck and may have no option than to agree to the new demands of the contract.

8 0
3 years ago
You just purchased a bond that matures in 12 years. The bond has a face value of $1,000 and a 7% annual coupon. The bond has a c
Andreas93 [3]

Answer:

The coupon value is 1000 × 7%  = $70

Face Value is $1000

Current price is annual ÷ current yield ∵ 70÷0.0574= $1,219.54

Maturity period: 12 years

YTM of Bond = (70+((1000-1,219.54 / 12)) / ((1000+1,219.54)/ 2) = 4.66 percent

Explanation:

The coupon value is 1000 × 7%  = $70

Face Value is $1000

Current price is annual ÷ current yield ∵ 70÷0.0574= $1,219.54

Maturity period: 12 years

YTM of Bond = (70+((1000-1,219.54 / 12)) / ((1000+1,219.54)/ 2) = 4.66 percent

4 0
3 years ago
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