Answer:
A
Explanation:
In this question, we are asked at what value should the land be recorded in White Repair services records.
Technically, the value of land is to be recorded as purchase price plus improvements.
Generally, what we mean by improvements include such fees such as attorney fees. Looking at the question, we cannot find any of the entries that speaks about payment yo an attorney or any general land issue. This means that we only record the value of the land as purchase price only.
Looking at the question, the purchase price is the accepted seller’s counter offer. This value is $115,000. Hence, it is the value at which the land would be recorded in White repair service records
Answer:
The correct answer is B) auditors are concerned with the client's internal controls over the safeguarding of assets if they affect the financial statements.
Explanation:
Based on the theoretical concept, it can be said that the main scopes of a well structured system of internal controls are:
- Promote reliability and impartiality in the production of financial reports.
- Provide timely and easily accessible information, which allows efficient and effective conduction of business processes.
- Ensure compliance with internal processes and actions in general to the objectives of strategic planning, avoiding deviations from the guidelines.
- Safeguard the company's assets, supporting risk management and minimizing eventual financial losses caused by poor management.
Answer:
100,000 shares and 80,000 shares
Explanation:
Calculation to determine how many shares were issued and outstanding, respectively
The shares that were issued will be 100,000 shares that were sold to the company's founders while the shares outstanding will be 80,000 shares Calculated as :
Shares outstanding=Shares issued -Shares repurchased
Shares outstanding=100,000 shares-80,000 shares
Shares outstanding =80,000 shares
Therefore the Number of shares that were issued and outstanding, respectively are:100,000 shares and 80,000 shares
Pretty sure it’s C. Price will increases
