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.
Answer:
Check the following calculations
Explanation:
a). Current portion of income tax expense = Taxable income * tax rate
= $650,000 * 35%
= $227,500
b). Deferred portion of income tax = (Pretax income - Taxable income) * Tax rate
= ($75,000 - $650,000) * 35%
= $35,000
c). Journal entries: image attached
<span>This is false, as uniform geographic pricing is still in use. Uniform geographic pricing is a means of setting prices (list prices) for items depending on the geographical region that the item is being sold in. This can happen for a variety of reasons but makes sense in terms of wage price being different throughout the nation.</span>
Answer:
The journal entry to record the wages expense for the month is:
Thursday, end of month, wages expense:
Dr Wages expense 640
Cr Wages payable 640
The adjusting entry made on Friday would be:
Friday, first day of the new month, wages expense:
Dr Wages expense 140
Dr Wages payable 640
Cr Cash 800