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4 years ago

Which of the following statements is not correct?

Business

1 answer:

Agata [3.3K]4 years ago

6 0

Answer:

The correct answer is letter "C": Confirmation of cash should only be performed as of the balance statement date because the auditor expresses an opinion as of that date.

Explanation:

Confirmation of cash is an audit procedure in which specialists request the company to get in touch with its banker to verify the organization's balance. The procedure is not based only on the balance statement but according to the transactions the company has carried out regardless of the date.

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During 2021, Sysco Corp. had 950,000 shares of common stock and 100,000 shares of 7% preferred stock outstanding. The preferred

solong [7]

Answer:

c. $6.03

Explanation:

Earnings available to common shareholders

Net Income $6,000,000

Less: Preference dividend $200,000

Net Income available to common shareholders $5,800,000

Number of Common shares = 950,000

Equivalent common shares for convertible 5% Bonds = 10,450. [Number of bonds = 2,100,000/1,000 = 2,100 shares. Equivalent common shares = 2,100 * 5 = 10,500 shares]

Weighted average number of common shares outstanding = 950,000 + 10,500 = 960,500

Earnings per share = Earnings available to common shareholders / Weighted average number of common shares outstanding

Earnings per share = $5,800,000 / 960,500

Earnings per share = 6.038521603331598

Earnings per share = $6.04

8 0

3 years ago

Which one of the following is not one of the four most common ways people can save money in banks?

marysya [2.9K]

Answer:

Fractional Reserves

Explanation:

Banks are required to hold money to lend out. If you deposit $100 into your account that is $100 for the bank to lend that money out to ones who need it.

6 0

3 years ago

A reversing entry is the exact opposite of an adjusting entry made in a previous period. is made when a business disposes of an

Ulleksa [173]

Answer: A reversing entry: "is the exact opposite of an adjusting entry made in a previous period.".

Explanation: Reversion entries are an end-of-the-year technique that involves the reversal, on the first day of the new accounting period, of those end-of-year adjustment entries that cause expenses or income and therefore will result in payments or cash receipts. Its purpose is to allow company personnel to record routine transactions in a standard manner without referring to previous adjustment entries.

7 0

3 years ago

the factor which determines whether or not goods should be included in a physical count of inventory is

quester [9]

Answer is : legal title

The factor which determines whether or not goods should be included in a physical count of inventory is:

a. legal title.
b. whether or not the purchase price has been paid.
c. management's judgment.
d. physical possession.

a. legal title

7 0

2 years ago

Consider a project with an initial investment of $30,000, annual revenues of $7000 for the six-year useful life, a salvage value

alexandr402 [8]

Find below attachment

4 0

3 years ago