The assessed value of their new home is $46,750.
<h3>Assessed value</h3>
Using this formula
Assessed value=Appraisal amount× Assessment ratio
Where:
Appraisal amount=-$187,000
Assessment ratio=25%
Let plug in the formula
Assessed value=$187,000 × 0.25
Assessed value = $46,750
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Answer:
Journal Entry
Explanation:
1. There are two obligations in this contract
a. keyboard
b. Customer option for future discount
2. Cash Dr, $69,700
To Deferred revenue - keyboard $66,215
To Deferred revenue - discount coupon $3,485
(Being cash is recorded)
Working note:-
Keyboards = 4,100 × $19
= $77,900
Option = $41,000 × (0.25 - 0.05) × 0.50
= $4,100
Allocation
For keyboard
= $77,900 ÷ ($77,900 + 4,100)
= 0.95
Deferred revenue Keyboard = $69,700 × 0.95
= $66,215
Option = 4,100 ÷ ($77,900 + 4,100)
= 0.05
Deferred revenue - discount coupon = $69,700 × 0.05
= $3,485
3. Cash Dr, $69,700
To Deferred revenue Keyboard $69,700
(Being cash is recorded)
The expenditure method is the most widely used approach for estimating GDP, which is a measure of the economy's output produced within a country's borders irrespective of who owns the means to production. The GDP under this method is calculated by summing up all of the expenditures made on final goods and services.
Answer:
B) companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.
Explanation:
Sarbanes- Oxley is popularly called SOX and which is also know as the ''Public Accounting Reform and Investor Protection Act'' in the United States' Senate and ''Corporate and Auditing Accountability, Responsibility and Transparency Act'' is a USA federal law the sets out new regulations for all U.S public company boards, management and public accounting firms. Some part of the Act makes provisions that apply to privately owned companies.
The Sarbanes-Oxley is named after the bill sponsors that is Senator Sarbanes and a U.S Representative known as Micheal G. Oxley and this bill makes sure that the top management of a company must each individually determine and certify the accuracy of all financial information provided or stated. This bill was enacted in 2002 to curb a number of major corporate accounting scandals, especially those affecting big accounting firms like ; Enron, Tyco International, Adelphia, Peregrine Systems, and WorldCom that cost investors to loose a lot of money when the their shares collapsed.
As a guiding principal companies and organizations are supposed to adhere to the options mentioned above except for option B which states: companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.
