How much money does a teacher make

Assume for Client X that inherent risk is assessed at 30%, control risk is assessed at 100%, audit risk is 5%, and detection ris

iris [78.8K]

Answer:

B. Client Z will require more audit work than Client X.

8 0

3 years ago

Suppose some firms exit an industry characterized by monopolistic competition. We would expect the demand curve of a firm alread

Anastaziya [24]

Answer:

b. shift to the right.

Explanation:

A monopolistic competition is when there are many sellers of differentiated goods and services in an industry. Firms set the market price for their goods and services.

If firms leave the industry, the number of firms available to cater to consumers needs have reduced while the amount of consumers remain the same. Customers of the firms that exited the industry begin to patronize firms that are still in the industry. This leads to an increase in demand for existing firms and their demand curve shifts to the right.

I hope my answer helps you

4 0

3 years ago

Record the following transactions for Summer Consulting. Explanations are not required.

Anvisha [2.4K]

Answer:

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

Explanation:

Preparation of journal entries

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

8 0

3 years ago

Prezas Company's balance sheet showed total current assets of $2,500, all of which were required in operations. Its current liab

ipn [44]

Answer:

$1,275

Explanation:

Recall that,

Net operating working assets (NOWC) = Current assets - (current liabilities - notes payable).

Thus,

Given that

Current assets = 2500

Current liabilities = 975 + 250 + 600 = 1825

Notes Payable = 600

Therefore,

NOWC = 2500 - (1825 - 600)

NOWC = 2500 - 1225

NOWC = $1275

8 0

3 years ago

Pina Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 19,900 golf discs i

Ivahew [28]

Answer:

a) Net income using incremental analysis is  $692

b) PINA should accept the order because it will increase its net income by $692

Explanation:

The relevant cash flows for decision to accept or reject the special order are

I. the incremental contribution from of producing 5,350 units

2. The incremental fixed cost- 45,374

Note that whether or not the special order is accepted the fixed cost of manufacturing would be incurred either way.

Contribution per unit =Selling price - Variable cost

Variable production cost per unit = total variable cost / units

= (10,945 + 29651 + 21094)/19,900

=$3.1

Variable cost per unit of sale = $3.1 + $0.35 = $3.45

a) Incremental Analysis

Change in Net Income: $

Incremental contribution :

( 4.77 - 3.45) × 5,350 = 7,062

Increase in Fixed cost :

(45,374 - 39,004) ( 6370)

Net income 692

b)  PINA should accept the order because it will increase its net income by $692

6 0

3 years ago