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2 years ago

Choose the correct statement about audits of corporations:

1 answer:

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Answer:A. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP.

Explanation:GAAP(Generally accepted accounting principles) is a body saddled with the response of ensuring that financial statements are prepared based on certain principles which includes the following.

OBJECTIVITY, MATERIALITY, CONSISTENCY AND PRUDENCE. All public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP which regulates Their Financial statement and reports.

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Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:

Anastaziya [24]

Answer and Explanation:

The preparation of the stockholder equity section is presented below:

Tandy Company

Balance Sheet (Partial)

Stockholders Equity :

Contributed Capital :

Common stock (21,900 shares × $6) $131,400

Preferred stock (5,000 shares × $13) $65,000

Additional Paid in Capital - Common stock (21,900 shares × $20) $438,000

Additional Paid in Capital - Preferred stock (5,000 shares × $17) $85,000

Total Contributed Capital $719,400

Add: Retained Earnings $41,600

Total Stockholders Equity $761,000

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3 years ago

What did congress do to protect consumers from monopolies, false advertising, and dishonest labeling? it established the america

alexandr1967 [171]

<span>In order to protect consumers from unfair business practices such as false advertising, dishonest labeling and monopolies, the federal government created the Federal Trade Commission to establish and enforce regulations protecting consumers from unfair and dishonest sales practices.</span>

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3 years ago

Read 2 more answers

Suppose the price of tablets increases by 8 percent and producers respond by increasing the quantity supplied by 20 percent. The

zimovet [89]

Answer:

The answer is: C) 2.5 and producers are very responsive to the price change.

Explanation:

The price elasticity of supply refers to what percentage does the quantity supplied change when the price of the good changes in 1%. It is calculated using the following formula:

price elasticity = % change in quantity supplied / % change in price

Price elasticity of supply of tablets = 20% / 8% = 2.5

For every 1% that the price increases, the quantity supplied will increase by 2.5%.

Since PES > 1, the supply is very price elastic.

4 0

3 years ago

The economic system in which the state controls the economy is called

allsm [11]

State Capitalism or a Centrally Planned Economy

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3 years ago

Where can aspiring entrepreneurs go to get their questions answered?

Nataliya [291]

Aspiring entrepreneurs can go to the internet, experienced entrepreneurs, Chambers of Commerce, Small Businessn Administration (SBA), college/university, or the community to get their questions answered. Hope this helps.

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3 years ago