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3 years ago

Are responsible for verifying accuracy of their organization''s internal records and validating the accounting procedures.

1 answer:

5 0

INTERNAL AUDITORS are responsible for verifying accuracy ..........................
The activities performed by the internal auditors help a company to achieve its goals by employing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance.

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At the beginning of 2015, bryers incorporated reports inventory of $6,500. during 2015, the company purchases additional invento

Kruka [31]

Cost of goods sold=
beginning inventory+purchase-ending inventory

cost of goods sold
=6,500+21,500−8,500
=19,500

5 0

4 years ago

Read 2 more answers

Two 20-year corporate bonds are issued at par, with stated interest rates of 10%. One issue is puttable at par in 5 years, while

True [87]

Answer:

b. The bond puttable in 10 years will depreciate more than the bond puttable in 5 years

Explanation:

Data provided in the question

20 -year corporate bond i.e issued at par at 10%

One issue is for 5 years

other issue is for 10 years

Now if the interest rate rise by 200 basis points

So,

Based on the above information

If a bond is issued at a future date, any price drop due to higher interest rates will be eliminated as the holder is able to return the bond to the issuer earlier

Hence, the option B is correct

8 0

3 years ago

At January 1, 2017, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 20

Nezavi [6.7K]

Answer:

The Pension schedule is prepared in the workings as requested.

Explanation:

The question is to Prepare a Pension Worksheet for Hennein Company for 2017

HENNEIN COMPANY

PENSION WORKSHEET FOR 2017

General Journal Entry Memo Record

Item Pension Cash Pension Defined Plan

Expenses Asset/Liab Benefit Assets

Obligation

Jan 1, 2017 280,000 CR 280,000 Dr

Service Cost 27,500 DR 27,500 CR

interest Cost 28,000 DR 28,000 CR

Actual return 25,000 CR 25,000 DR

Contributions 20,000 CR 20,000 DR

Benefits 17,500 DR 17,500 CR

Journal Entry 30,500 DR 20,000 CR 10,500 CR

Dec. 31, 2017 10,500 CR 318,000 CR 307,500 DR

Note that the interest cost is as follows

280,000 x 10% = $28,000

3 0

3 years ago

The equipment account had a $36,000 balance at the beginning of the year, and a $30,000 balance at the end of the year. The accu

Alex_Xolod [135]

Answer:

$1000

Explanation:

The cash received from the equipment sale is equals to the initial cost of the equipment which is $10,000 minus total accumulated depreciation on the equipment charged till date.

Total accumulated depreciation on the equipment=Opening balance of accumulated depreciation+depreciation charge for the year-closing balance of accumulated depreciation

Total accumulated depreciation on the equipment=$22,000+$4,000-$17,000

=$9,000

cash proceeds=$10,000-$9,000=$1000

5 0

3 years ago

If the company paid $20,100 of its advertising expense during the current year, what amount is owed for advertising at the end o

larisa [96]

Answer:

Advertising expense 6,600. Rent expense 11,600. What is the amount of total assets to be reported on the balance sheet at the end of the year? $106,800.

Explanation:

6 0

2 years ago