<u>Solution and Explanation:</u>
Land = 430000 + 48000 - 6800 + 2050 + 1400 = $474650
Building = 2100 + 64000 + 700 + 1200000 + 1610000 + 220000 = $3096800
In the land, cost of land has been included and along with amount to raze old building is included. salvage value is subtracted and legal fees is included and insurance on property cost is also included in the calculation of land.
In the calculation of building, land survey fees is included, drawing of factory plans is included, insurance premium fess is included, instalments amounts is included and interest cost is also included.
The separating of recordkeeping from the custody of assets a limitation of an internal control system because:
- In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
- Employee maintaining accounting records has no incentive to falsify records.
- Employee controlling asset will know if another person is maintaining records or not.
- The employee who controls/has access to an asset should not maintain that asset's accounting records.
<h3>
What is meant by Internal Control?</h3>
- Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
- Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.
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Answer:
$9,813.54
Explanation:
The face value of the T-bill is $10,000
Return of 1.9%
P= $10,000/1.019
= $9,813.54
Therefore the price you would expect a 6-month maturity Treasury bill to sell for is
$9,813.54 because The face value of the T-bill is $10,000 and the investors can earn a return of 1.9% per 6 months on a Treasury note with 6 months remaining until maturity leading to increase in the return of 1.9% because 1.9% will give us 0.019 plus increase of 1 which will give us 1.019.
B. The equilibrium price is below the price ceiling.
You can describe stretch goals as goals placed above the ones you need or strive to achieve, as a secondary objective. Think of achieving a stretch goal as doing even better than expected.
