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3 years ago

An accountant’s standard report on a compilation should state that the accountant

Business

1 answer:

drek231 [11]3 years ago

6 0

Answer:

A, Has not audited or reviewed the accompanying financial statements.

Explanation:

It is important that an accountant states that the financial statements of a compilation hasn't been reviewed so as to avoid a situation wherein the financial statement is not in accordance with accounting principles of the country, e.g United states.

An accountant is meant to just prepare financial statements for an organization without going against the accounting principles while management is responsible for presentaion of the financial statements.

Cheers. i hope this helps

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Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows:

sertanlavr [38]

Answer:

Journal Entry

a) Debit Capital- Benson $138,000 Credit Capital-North $138,000

b) Debit Capital- Benson $138,000 Credit Capital-Schmidt $138,000

c) Debit Capital-Benson $138,000 Credit Bank $138,000

d) Debit Capital-Benson $138,000 Debit Capital-Meir $28,500 Debit Capital-Lau $47,500 Credit Bank $214,000

e) Debit Capital-Benson $138,000 Debit Accumulated Depreciation $23,000 Credit Cash $30,000 Credit Equipment $70,000 Credit Capital-Meir $22,875 Credit Capital-Lau $38,125

Explanation:

a and b are the same with the same amount of capital transferred from one partner to another partner, it is just a matter of derecognizing Benson and recognize North or Schmidt.

c) Partner Benson is paid cash her capital,

d) decrease in meir's Capital = 214,000-138,000 = 76,000*3/8= $28,500

Decrease in Lau's Capital Account = $76,000 5/8 = 47,500

Excess funds are taken from capitals or income summary account of the partnership which will affect the capitals of the remaining partners

e) Meir's Capital = $138,000 -(70,000-23,000+30,000)

= $138,000-77,000

= $61,000*3/8 =$22,875

Lau = $61,000*5/8 =38,125

The Capital Accounts of the remaining partners will increase because of the gain made on buying out the leaving partner.

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3 years ago

_____ leaders are agents of change because they develop an appealing vision of the desired future state, communicate that vision

GrogVix [38]

Answer:

The correct answer here is B) Transformational leader.

Explanation:

Transformational leadership style is a type of leadership, where a leader would work with its team so that a leader can identify changes that are needed, leader would create a vision to guide change through the inspiration and executes that change in tandem with committed team members. Transformational leader also helps in enhancing the motivation, job performance and morale of its team and followers through various mechanism like being a role model to others, connecting with teams sense of identity.

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3 years ago

Lindy Corporation has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2014, there were 600,000 shares

sertanlavr [38]

Explanation:

The journal entries are as follows

a. Retained earnings A/c Dr $300,000 (600,000 shares × $0.50)

To Dividend payable A/c $300,000

(Being the dividend is declared)

b. No journal entry is required

c. Dividend payable A/c $300,000

To Cash A/c $300,000

(Being the dividend is paid for cash is recorded)

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2 years ago

Write a conversation between florist and customer for ordering a bouquet to gift for mom on Mother's Day - write with etiquette

Tatiana [17]

Answer:

sorry sir you would have to do this on your own

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2 years ago

According to the tutorial, which is the most significant tax local governments rely on to generate revenue?

kirill115 [55]

I believe it is B property tax

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3 years ago