Answer:
Statement is true
Explanation:
Internal control over financial reporting was designed to give assurance related to financial statements preparation and authenticity of financial reporting.
Material weakness refers to inefficiency in internal control which could lead to misstatement in financial statement thereby making financial reporting unreliable. As such, even one material weakness would prove ineffective internal control over financial reporting.
Answer:
Check the explanation
Explanation:
Patents and Copyrights are amortized based on their useful life, not their legal life
It should be noted that Goodwill is not amortized
1. Debit 'Amortization Expense - Copyrights' $15,900 [($79500/ 5)]
Credit 'Copyrights' $15,900
2. Debit 'Amortization Expense - Patents' 18,800 [($112,800 / 5 ) x (10 /12 )]
Credit 'Patents' $18,800
.3. No entry
The right answer for the question that is being asked and shown above is that: "d. A sole proprietorship has a life of its own apart from its owner." It is considered as the simplest business form where one can operate. It is not a legal entity in itself.
Answer:
C :Job 1000, $1,860; Job 1001, $3,100
Explanation:
The computation of the total cost is shown below:
For Job 1000:
= Direct materials + Direct labor hours × wage rate per hour × Direct labor hours × overhead rate per hour
= $1,200 + 30 × $15 + 30 × $7
= $1,200 + $450 + $210
= $1,860
For Job 1001:
= Direct materials + Direct labor hours × wage rate per hour × Direct labor hours × overhead rate per hour
= $2,000 + 50 × $15 + 50 × $7
= $2,000 + $750 + $350
= $3,100
Answer:
$555,000
Explanation:
Calculation for the amount that will be reported for consolidated cash after the acquisition is completed
Cash at Kirkwood Inc $475,000
(900-400-15-10)
Add Cash at Soufflot Company $80,000
Consolidated cash after acquisition is completed $555,000
Therefore the amount that will be reported for consolidated cash after the acquisition is completed will be $555,000
