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densk [106]
3 years ago
13

An auditor most likely will review an entity's periodic accounting for the numerical sequence of shipping documents and invoices

to support management's financial statement assertion ofA. OccurrenceB. Rights and obligationsC. Valuation and allocationD. Completeness
Business
1 answer:
USPshnik [31]3 years ago
3 0

Answer:  C - Valuation & Allocation

Explanation: Auditors review of a company's shipping documents & invoices is to ascertain the correctness of the figures in the financial statement.

Auditors will have to value the transaction using the invoices and other documents available for the transaction and to to verify that the costs are allocated correctly.

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Based on this knowledge, the CEO of U.S. Builders asked his administrative assistant to talk with Teresa and tell her that takin
almond37 [142]

Answer:

U.S. Builders

The problem with the discipline process that U.S. Builders has is:

Implementing the resolution of the disciplinary process.

Explanation:

The correct disciplinary process should follow the following steps:

1. Obtaining an initial understanding of the issue.

2. Carrying out a thorough investigation to establish the facts.

3. Inviting the affected employee to a disciplinary meeting.

4. Conducting  the disciplinary meeting.

5. Deciding on the disciplinary action to take.

6. Confirming and conveying the outcome in writing.

7. Giving the employee the right to appeal.

Implementing the resolution.

4 0
2 years ago
Watson Oil recently reported (in millions) $8,250 of sales, $5,750 of operating costs other than depreciation, and $1,000 of dep
klemol [59]

Answer:

net income exceeded the free cash flows by $550 million

Explanation:

net income = ($8,250 - $5,750 - $1,000 - $160) x (1 - 35%) = $871 million

net cash flows:

operating activities = $871 + $1,000 - $300 = $1,571

investing activities = ($1,250)

net cash increase during the year = $321 million

net income exceeded the free cash flows by $871 - $321 = $550 million

7 0
3 years ago
Suppose that the wage rate is $30 per hour, and the firm sells each unit of output for $6. Using the data from Table 7.3, how ma
polet [3.4K]
I found this data from Table 7.3
<span> <span> </span><span><span> Labor Input Output
</span> <span> 0                          0
</span> <span> 1                          40
</span> <span> 2                          70
</span> <span> 3                          90
</span> <span> 4                       100
</span> <span> 5                       105
</span> <span> 6                       108

Labor Cost = Labor Input x 30
Output Sales = Output x 6
Revenue = Sales - Cost

</span></span></span><span> <span> </span><span><span> Labor cost        Output Sales
</span> <span> 0                                    0
</span> <span> 30                                 240
</span> <span> 60                                 420
</span> <span> 90                                 540
</span> <span> 120                               600
</span> <span> 150                               630
</span> <span> 180                               648

</span></span></span><span> <span> </span><span><span> Labor Input     Output      Labor cost    Output Sales <span>   Revenue</span>
</span> <span> 0                         0                 0                      0                        0
</span> <span> 1                        40               30                    240                   210
</span> <span> 2                        70               60                    420                   360
</span> <span> 3                        90               90                    540                   450
</span> <span> 4                     100             120                    600                   480
</span> <span> 5                     105             150                    630                   480
</span> <span> 6                     108             180                    648                   468

Labor Unit 4 and 5 both have a revenue of 480. It is the maximum revenue. I think the best option would be C. 4 UNITS.

Lesser cost to the company at a maximum revenue. </span></span></span>
6 0
3 years ago
On October 31, 20X5, West Company received a condemnation award of $450,000 as compensation for the forced sale of a warehouse.
Luba_88 [7]

Answer:

$175,000

Explanation:

Calculation to determine West should report on its income statement for the year ended December 31, 20X5, a gain on condemnation of property of

Using this formula

Gain on condemnation=Compensation for the forced sale-Book value

Let plug in the formula

Gain on condemnation=$450,000-$275,000

Gain on condemnation=$175,000

Therefore what should report on its income statement for the year ended December 31, 20X5, a gain on condemnation of property of $175,000

6 0
3 years ago
The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:
sergejj [24]

Answer:

<u>Journal entries</u>

1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.

Dr Cash 18,000

Dr Accounts receivable 63,000

   Cr Service revenue 81,000

2. March 13 Collect on accounts receivable, $51,000.

Dr Cash 51,000

    Cr Accounts receivable 51,000

3. May 6 Issue shares of common stock in exchange for $10,000 cash.

Dr Cash 10,000

    Cr Common stock 10,000

4. June 30 Pay salaries for the current year, $32,600.

Dr Wages expense 32,600

    Cr Cash 32,600

5. September 15 Pay utilities of $6,200 from 2020 (prior year).

Dr Utilities payable 6,200

    Cr Cash 6,200

6. November 24 Receive cash in advance from customers, $9,200.

Dr Cash 9,200

    Cr Unearned revenue 9,2000

7. December 30 Pay $2,600 cash dividends to stockholders.

Dr Dividends 2,600

    Cr Cash 2,600

<u>Adjusting entries </u>

Depreciation for the year on the machinery is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation, equipment 7,200

Plumbing supplies remaining on hand at the end of the year equal $1,000.

Dr Supplies expense 2,500

    Cr Supplies 2,500

Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.

Dr Unearned revenue 6,600

    Cr Service revenue 6,600

Accrued utilities at year-end amounted to $6,400.

Dr Utilities expense 6,400

    Cr Utilities payable 6,400

4 0
3 years ago
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