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3 years ago

Choose the correct statement about audits of corporations:

1 answer:

8 0

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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Your father is about to retire, and he wants to buy an annuity that will provide him with $84,000 of income a year for 25 years,

Gekata [30.6K]

Answer:

reach us to get instant help with your assignments https://toplivewriters.com

Explanation:

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3 years ago

What is the principle that justifies a regressive tax?

bixtya [17]

Answer:

Benefits-received principle

Explanation:

This principle says that the people who benefit most from government assistance programs should be the one to pay for them. Regressive taxes represent a higher portion of money for low income families, with the idea that it is okay because the government provides more services for low income families.

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3 years ago

Read 2 more answers

Barbara owns 40% of the stock of Cassowary Corporation (a C corporation) and 40% of the stock of Emu Corporation (an S corporati

vodomira [7]

Answer:

$ 48,000

$3,200

Explanation:

Since C corporations are separate taxable entities, Cassowary Corporation will report the operating income and tax-exempt income. An S corporation is a tax reporting entity. Therefore, Barbara will report ordinary business income of $ 48,000 and tax-exempt $ 3,200.

Reason -

Business income = 120,000×40%

= $120,000.\frac{40}{100}$

= $48,000

⇒Business income = $48,000

Tax-exempt = 8,000×40%

= $8,000.\frac{40}{100}$

= $3,200

⇒Tax-exempt = $3,200

7 0

2 years ago

Bill wants to give Maria a $500,000 gift in seven years. If money is worth 6% compounded semiannually, what is Maria's gift wort

faltersainse [42]

Answer:

PV= $332,528.56

Explanation:

Giving the following information:

Future value= $500,000

Number of periods= 7 years

Discount rate= 6% compounded annually

<u>To calculate the present value, we need to use the following formula:</u>

<u></u>

PV= FV/(1+i)^n

PV= 500,000 / (1.06^7)

PV= $332,528.56

3 0

2 years ago

"A stock is quoted at $18 - $19. If a customer sells 100 shares to the dealer, under the FINRA 5% Policy, a fair and reasonable

lidiya [134]

Answer:

$18

Explanation:

Based on the information given above under the FINRA 5% Policy a fair and reasonable mark-down is based upon the price of $18 reason been that we were been ask about how much price will the mark-down price be based in a situation where the customer SELLS 100 shares to the dealer which means that mark-down will be computed from the inside bid price of the amount of $18.

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3 years ago