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JulsSmile [24]
2 years ago
5

The objectives of internal control are to a.prevent fraud and promote the social interest of the company b.provide control over

"internal-use only" reports and employee internal conduct c.control the internal organization of the Accounting Department personnel and equipment d.provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with
Business
1 answer:
Marina86 [1]2 years ago
4 0

Answer:

d.provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.

Explanation:

The purpose of internal controls is to provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.

By definition: An internal control is a procedure or policy put in place by management <u>to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behavior.</u>

Summarily, internal controls are put in place as a process to prevent employees from stealing assets or committing fraud.

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Using the information presented above, determine the following: Determine EPS for Net Income ('x2) $_____________________ (Round
taurus [48]

Question Completion:

Income Before Taxes (from ongoing operations) $2,470,000

Income Tax Rate (’x2) 30%

5% Preferred Stock ($100 Par, 10,000 shares issued)

Common Stock ($1 par, 600,000 shares issued, 500,000 outstanding)

Answer:

The company's EPS is:

= 3.46

Explanation:

a) Data and Calculations:

Income Before Taxes (from ongoing operations) (’x2)= $2,470,000

Income Tax Rate (’x2) = (30% * $2,470,000) = $741,000

Net Income after taxes = $1,729,000

5% Preferred Stock ($100 Par, 10,000 shares issued) = $1,000,000

Common Stock ($1 par, 600,000 shares issued, 500,000 outstanding)

Outstanding common stock = $500,000

EPS (Earnings per share) = Net income after taxes/No. of outstanding shares

= $1,729,000/500,000

= $3.458

b) The earnings per share (EPS) equals Company A's net profit after taxes divided by the number of its outstanding common stock shares. Using the EPS, it indicates how much money Company A makes for each share of its stock.  As a widely used metric, a potential stockholder of Company A can use it to estimate Company A's value when combined with the price per share.

6 0
2 years ago
Cullumber Corporation purchased 37000 shares of common stock of the Sherman Corporation for $52 per share on January 2, 2020. Sh
yawa3891 [41]

Answer:

Revenue from investment = 229,400

Explanation:

Given:

Purchased shares = 37,000

Value per share = $52

Sherman Corporation total shares = 100,000

Cash dividends = $162000

Net income = $620000

Find:

Revenue from investment = ?

Computation:

Revenue from investment = Net income (Purchased shares / Sherman Corporation total shares)

Revenue from investment = $620000 (37,000 / 100,000)

Revenue from investment = 229,400

7 0
2 years ago
On January​ 1, Year​ 1, Gallagher Corporation issued 400 comma 000 stock options for 400 comma 000 shares to a division manager.
masha68 [24]

Answer:

$1,000,000

Explanation:

Gallagher Corporation

Stock option × Option estimated fair value /Numbers of years

Stock option $400,000

Option estimated fair value $10

Numbers of years 4

Hence:

($400,000 × $10) / 4 years

=$4,000,000/4years

= $1,000,000

Therefore pretax compensation expense for year 1 will be $1,000,000

4 0
3 years ago
You own 310 shares of stock in a firm that currently sell for $55 per share. The company has announced a dividend of $3.20 per s
Nesterboy [21]

Answer:

The value of your portfolio on May 3 is $16,058.

Explanation:

Since it is assumed that there is no tax, the value of a share on ex-dividend date is the current share per share minus the announced dividend per share share. Therefore, we have:

Price per share on ex-dividend date = Current share per share - Announced dividend per share share = $55 - $3.20 = $51.80

Therefore, the value of your portfolio on May 3 which is the ex-dividend date can be calculated as follows:

Portfolio value on May 3 = Number of shares owned * Price per share on ex-dividend date = 310 * $51.80 = $16,058

Therefore, the value of your portfolio on May 3 is $16,058.

8 0
2 years ago
A calendar year reporting company preparing its annual financial statements should use the phrase "at december 31, 2016" in the
ivolga24 [154]

Financial statements include Income statement, Statement of Owner’s Equity, Balance sheet and Cash flow statement. Statement of Owner’s Equity and Balance sheet are prepared at a particular date at the end of the financial year or period.

Hence, A calendar year reporting company preparing its annual financial statements should use the phrase "at December 31, 2016" in the heading of Statement of Owner’s Equity and Balance sheet.



4 0
3 years ago
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