Suppose ice cream cones costs $3. Molly holds $60. What is the real value of the money she holds?

A scope limitation sufficient to preclude an unqualified opinion always will result when management:__________

vovikov84 [41]

Answer:

The answer is D.

Explanation:

A scope limitation in audit means circumstances hindering an auditor from carrying out his duties according to the audit procedure. A scope limitation can make an auditor issue a qualified opinion or a disclaimer of opinion depending on the materiality of the issue.

Back to the question, a scope limitation sufficient to preclude an unqualified opinion always will result when management refuses to provide a representation letter acknowledging its responsibility for the fair presentation of the financial statements in conformity with General Accepted Accounting Principle (GAAP)

4 0

3 years ago

Crane Company had the following account balances:

aivan3 [116]

Answer:

The correct answer is $479,500.

Explanation:

According to the scenario, the computation of the given data are as follows:

We can calculate the total revenue by using following formula:

Total revenue = Net sale + Dividend revenue + Rent revenue

Where, Net sales = Sales revenue - Sales return

= $445,000 - $34,000 = $411,000

By putting the value in the formula, we get

Total revenue = $411,000 + $10,500 + $58,000

= $479,500

4 0

3 years ago

When most cars sold in the United States were produced by the Big Three auto companies, General Motors would announce its prices

photoshop1234 [79]

Answer: Price leadership

Explanation: In simple words, under price leadership strategy the dominant firm in the industry sets the prices for their products in the first place and then after that the other competing firms sets their prices following that dominating firm.

In the given case, the general motors is practicing price leadership as they are setting the prices in the market initially which is then matched by other firms.

5 0

3 years ago

An investor deposits $35,000 into an IRA for her retirement in 25 years.The account pays 3.5% interest compounded continuously.

sergeinik [125]

Answer:

The value of her account after 25 years, if she stays true to the plan is:

= $152,823.31.

Explanation:

a) Data and Calculations:

Initial deposits = $35,000

Period of investment = 25 years

Interest rate per year = 3.5% compounded continuously

Annual deposit into the same account = $1,800

Period of investment = 25 at 3.5% interest rate

Total value of her IRA account after 25 years:

Future value of $35,000 = $82,713.57

Future value of $1,800 yearly = 70,109.74

Total future value = $152,823.31

From an online financial calculator:

N (# of periods) 25

I/Y (Interest per year) 3.5

PV (Present Value) 35000

PMT (Periodic Payment) 0

Results

FV = $82,713.57

Total Interest $47,713.57

N (# of periods) 25

I/Y (Interest per year) 3.5

PV (Present Value) 0

PMT (Periodic Payment) 1800

Results

FV = $70,109.74

Sum of all periodic payments $45,000.00

Total Interest $25,109.74

7 0

3 years ago

Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce only one good: good X. Produ

PIT_PIT [208]

Answer:

D. the same amount of capital and labor.

Explanation:

Based on the scenario being described within the question it can be said that the aggregate production functions will shift upward when the same amount of capital and labor. This is because the aggregate production function describes how real GDP within an economy depends on available inputs, such as the labor that is being put into production, and that labor needs capital.

7 0

3 years ago