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VladimirAG [237]
3 years ago
6

A small private entity may use less formal means to ensure that internal control objectives are achieved. For example, extensive

accounting procedures, sophisticated accounting records, or formal controls are least likely to be needed if
A. Management is closely involved in operations.
B. The entity is involved in complex transactions.
C. The entity is subject to legal or regulatory requirements also found in larger entities.
D. Financial reporting objectives have been established.
Business
1 answer:
Mama L [17]3 years ago
8 0

I need help on this too

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On the first day of its fiscal year, Scooter Co. purchased a computer system for a total cost of $50,000. The computer system is
Gnom [1K]

Answer:

$20000

Explanation:

Given: Total cost of computer system= $50000.

           Residual value= $5000.

           Useful life= 5 years.

Now, calculating depreciation expense as per double-declining balance method.

Depreciation\ expense= (cost- Accumlated\ depreciation)\times \frac{2}{useful\ life}

⇒ Depreciation\ expense= (\$ 50000- \$0)\times \frac{2}{5}

⇒ Depreciation\ expense= \$ 50000\times \frac{2}{5}

∴ Depreciation\ expense= \$ 20000

Hence, $20000 is the depreciation expense for first year as per double-declining balance method.

8 0
3 years ago
A spider has one shoe and one sock for each of its eight legs. In how many different orders can the spider put on its socks and
12345 [234]

Answer:

The probability to put sock and shoe on all legs is 1/2^8. Therefore the number of correct permutations must be 16!/2^8.

Explanation:

There are two actions for each leg - the sock and then the footwear. All we need to know is to determine a sequence when each leg has been worked on. That is 16/2 for the first section, 14/2 for the second, and so on...

Equivalently, the multinomial coefficient would be (16/2,2,…, 2) = 16!/2^8.

8 0
4 years ago
Determine the balance in Finished Goods Inventory on October 31 and November 30 under absorption costing and variable costing. C
Morgarella [4.7K]

Answer:Please refer to the explanation section

Explanation:

The question is incomplete, amounts of production costs like Direct Material, direct labour and Variable/Fixed manufacturing overheard were not given, we will explain the absorption cost and variable cost in detail so that the student would be able to calculate absorption cost and variable cost balances easier.

Absorption costing Method

Total Manufacturing costs are allocated to Finished goods Product. Absorption Costing method assigns or allocates the total cost of Manufacturing or total production costs to units of Finished Goods produced. each unit of finished goods thus represents total costs of production per unit or Total Manufacturing/Production cost is the Balance of Finished Goods.

Total Manufacturing/Production cost = direct labor cost + direct material cost + variable and fixed Manufacturing overheads cost.

Finished Goods Balance = Total Manufacturing/Production cost

A unit of Finished Goods = Total Manufacturing costs/units produced

Variable costing method

Variable costing method fixed manufacturing costs are treated as an expense,  Variable Manufacturing costs are the only allocated to inventory. The value or Balance of inventory consist of Variable Manufacturing cost like Direct labor, Direct Material and Variable Manufacturing costs. Finished Goods Balance equals total Variable Manufacturing cost

5 0
3 years ago
The yield on a one-year Treasury security is 5.8400%, and the two-year Treasury security has a 8.7600% yield. Assuming that the
mixer [17]

Answer:

Market estimate of the one year treasury rate one year from now is 11.76%

Explanation:

The formula for pure expectations theory used in forecasting future interest rate is given below:

One year interest rate=(1+r2)^n+1/(1+r1)^n-1

r2 is the forecast interest rate in two years which is 8.7600%

r1 is the forecast interest rate in year 1 which i 5.8400%

n is one year from now

one year interest rate=(1+8.7600%)^2/(1+5.8400%)^1-1

one year interest rate=(1+0.087600)^2/(1+0.058400)^1-1

                                     =1.087600^2/(1.058400)^1-1

                                     =1.18287376 /1.058400-1

                                     =1.117605593-1

                                       =0.117605593

                                        =11.76%

6 0
3 years ago
What should you consider to be able to produce the product and get it to the customer
solong [7]
You should consider what could go wrong, a flat tire, a piece breaks, not enough man-helpers.
8 0
4 years ago
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