Answer:
Explanation:
Crane Co
June 1. Credit: Sales $52,200
Debit: Acc receivable $52,200
Being sales on account
June 12 Debit: Bank. $ 50,634
Debit: Discount Allowed $1,566
Credit: Acc receivable. $52,200
Being payment received on sales
Answer: Moderate or low
Explanation:
Tests of Control are one by auditors to determine the effectiveness of the internal controls in the company in being able to detect accounting errors and anomalies.
If a company seems to have a moderate or low inherent risk the Auditors may or may not initiate Tests of Control due to this reduced risk.
If the company however, has either high or moderate or unusually high risk, the Auditors have to perform Tests of Control to determine where the company is going wrong.
Answer: indemnification
Explanation: The indemnification clause is essentially the other party's obligation to compensate your damages if they do something that hurts you or allows you to be sued by a third party.
Indemnifying and keeping innocent means the same thing — making it whole after a defeat. Usually, but not always, the obligation to indemnify is reconcilable with the contractual obligation to "keep harmless" or "save harmless.
Hence from the above we can conclude that Rangle has right of indemnification.
Answer:
The answer is B.
Explanation:
In purely competitive firms, there are many buyers and sellers that no single buyer or seller can influence the price of goods. They accept the price set by the market conditions which depend on the market supply and demand. Firms in this market are price-takers.
In monopolistic firm, no one is competing against him. He is the only one in the industry. He is the only seller while buyers are many. In most cases, buyers do not have alternative than to buy the product. Because of this, the firm in monopoly sets its price. He is a price-maker.
Answer:
Depositing in bank is a better option.
Explanation:
For this solution, we can either determine the interest rate given to George by his one of the friend or the future worth method,
Future worth method is used here,
Given that,
PV = $6,900
R = 9%
N = 10 Years
FV = 6,900 × 2.3673
FV = $16,334.81
Since, the future worth of investing in bank is more than the money to be offered by the George's friend (16,334.81 > 12,900) and hence, depositing in bank is a better option.
