Answer:
(b) submit the $247,000, but disclose that the buyer may pay more.
Explanation:
A transaction broker is defined as a broker who provides limited representation to a buyer, a seller or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
Answer:
D
Explanation:
D because you have to keep up with demand
Answer:
The amount of overhead applied during the year is $2,680,000
Explanation:
For computing the amount of overhead applied, the following computations are required which is shown below:
1. Compute the overhead cost per machine hour:
The formula is shown below:
= Annual overhead cost ÷ machine hours
= $2,400,000 ÷ 300,000
= $8
Now the amount of overhead applied equals to
= Actual machine-hours × overhead cost per machine hour
= 335,000 hours × $8
= $2,680,000
Answer:
13.71%
Explanation:
the expected returns on the stock:
normal economy = 0.14 x 0.6 = 0.084
boom economy = 0.23 x 0.22 = 0.0506
recessionary economy = -0.18 x 0.18 = -0.0324
expected return = 0.1022
the variance for each economic period:
normal economy = (0.14 - 0.1022)² = 0.00142884
boom economy = (0.23 - 0.1022)² = 0.01633284
recessionary economy = (-0.18 - 0.1022)² = 0.07963684
the variance of the stock's returns:
normal economy = 0.6 x 0.00142884 = 0.000857304
boom economy = 0.22 x 0.01633284 = 0.0035932248
recessionary economy = 0.18 x 0.07963684 = 0.014334631
variance of the stock's returns = 0.018785159
standard deviation of stock's returns = √0.018785159 = 0.137058964 = 13.71%
Answer:
a. Compare the details of cash receipts with journal entries.
b. Prepare a bank transfer schedule.
c. Confirm the terms of borrowing with the lenders agreement.
d. Send request to confirm the entity's account receivable balance.
e. Inspect payroll data of employees and cross check with the transaction recorded.
f. Obtain cut off bank statement to reconcile the transaction.
g. Examine the selected repair order and physically examine the equipment whether repair work is don or not.
h. Examine the supporting documents for the invoice such as purchase order, goods received note and Purchase requisitions.
i. Inspect the payroll endorsements for similar handwriting.
Explanation:
Audit is mandatory for all the companies. The verified financial statements are considered as reliable because they are rechecked by the auditors and if any error or fraud is found it is immediately corrected and rectified. Audit is a critical process which involves objectivity and integrity of a person. The auditors must be independent and they should not have any familiarity with the business employees or owners.
