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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:

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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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Calculate the amount of depreciation to report during the year ended December 31, 2013, for equipment that was purchased at a co

alukav5142 [94]

Answer:

1) Straightline $ 2000

2) Double-Declining-Balance $ 4000

3) Units of Production $ 2000

Explanation:

Cost of equipment $43,000

Residual value of equipment $3,000

Useful life of equipment 5 years

Formula:

1) Straight Line Method Depreciation = Cost - Salvage Value/ Useful Life

Straight Line Method Depreciation = $43,000 -$3,000/5=$ 8000

The amount of depreciation using Straight Line Method Depreciation for the year ended December 31, 2013, is

($ 8000/12)*3= $ 2000

The straight Line depreciation expense for 3 months is $ 2000

2) Straight Line Rate= 100%

Useful Life= 100%/5 = 20%

Double Declining Method = 2 * Straight Line Rate

Double Declining Method = 2 * Straight Line Rate= 2*20%= 40%

Year Book Value Dep Dep Accu. Book

Rate Expense Dep. Value

1 40,000 40 16000 16000 24000

Depreciation Expense for the whole year would be $ 16000.

Depreciation expense using double declining method for 3 months would be = ($ 16000/12 )*3= $ 4000

3) Depreciation per unit= (Cost -Salvage value) / Total units of production

Depreciation per unit= $43,000 -$3,000/20,000=40,000/20,000=2

Depreciation Expense = Depreciation per unit * No of Units Produced

Depreciation Expense = 2*1000= $ 2000

Depreciation Expense using Units of Production method would be $ 2000 for 3 months. i.e on 31st Oct 2013

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3 years ago

Bubbles Inc. produces gummy bears. The company purchases raw materials, stores them in warehouse, and then runs them through two

rusak2 [61]

Answer:

D. $65,000

Explanation:

Data provided

Direct labor = $56,500

Manufacturing overhead = $8,500

The computation of Conversion costs is shown below:-

Conversion costs = Direct labor + Manufacturing overhead

= $56,500 + $8,500

= $65,000

Therefore for computing the conversion cost we simply add the direct labor with manufacturing overhead.

8 0

3 years ago

An increase in the real wage would result in a:________. a. shift of the labor demand curve, causing an increase in the number o

barxatty [35]

Option C

An increase in the real wage would result in a: movement along the labor demand curve, causing a decrease in the number of workers hired by the firm.

Explanation:

The wage rate is circumscribed by the crossing of supply and demand for labor. The demand curve depends on the marginal product of labor and the cost of the good labor originates.

A variation in the wage or payroll will end in a shift in the amount necessitated of labor. If the wage rate increases, organizations will require to hire fewer employees. The quantity of labor demanded will decline, and there will be a movement skyward on the demand curve.

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3 years ago

In 2017, John opened an investment account with Randy Hansen, who held himself out to the public as an investment adviser and se

yulyashka [42]

Answer:

The relevant tax issues are as follows:

- Is the loss a theft loss or an investment loss?

- Is the loss subject to either the personal loss limits or the limits on itemized deductions?

- How is the amount of the loss determined?

- In which year can the loss be taken?

- Is there a way to receive a tax benefit for the full amount of income recognized in prior years?

The irrelevant tax issue is:

- Did John have other casualty or theft losses within the last five years?

Explanation:

In this scenario John invested and provided Randy with a power of attorney to use $200,000 to purchase and sell securities on his behalf.

The earnings were to be reinvested, but John realised in 2020 that Randy was running a Ponzi scheme and his account was zero.

As John will most likely not be possible a casualty loss may be allowed.

Since the loss happened in 2017 when he invested the theft loss will be deducted in that year.

He will be able to deduct his losses under 165.

Deductions are allowed for losses in a tax year that is not covered by insurance.

Losses that can be claimed are limited to:

- Losses in business or trade

- Losses in transactions for profit

- Losses as a result of theft, fire, storm, or shipwreck.

5 0

3 years ago

How does a Fire Prevention Plan benefit your workplace? Select the 2 answer options that apply. It’s less likely that a fire wil

lbvjy [14]

Answer:

It is less likely that injuries will occur during an emergency

Its less likely that damage will occur during an emergency

are the correct options.

Explanation:

A fire prevention program eliminates or reduces the occurrence of fires by training people in fire safety.

The fire prevention plan should include: The list of all major fire hazards, proper storage procedures and handling procedures for hazardous materials, the various types of fire protection equipment required to control major hazard, potential ignition sources and their control.

A fire needs fuel, heat and oxygen, without oxygen, fuel and heat a fire cannot start. So the strategy to prevent fire should try to remove one of more of these elements.

5 0

3 years ago

Read 2 more answers