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Anna007 [38]
3 years ago
11

The auditors use a bank cutoff statement to compare: Group of answer choices Checks dated subsequent to year-end to the outstand

ing checks listed on the year-end bank statement. Deposits listed on the cutoff statement to disbursements in the cash disbursements journal. Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation. Deposits in transit on the year-end cash general ledger account to deposits in the cash receipts journal.
Business
1 answer:
dangina [55]3 years ago
5 0

Answer:

Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation.

Explanation:

The bank cutoff statement is a bank statement for the client prepared at an agreed-upon interim date which is sent directly to the auditor. Usually the auditor asks the client to have the bank prepare the cutoff statement for some period 10 to 15 days after the close of the year.

By preparing a four-column bank reconciliation ("proof of cash") for the last month of the year, an auditor will generally be able to detect: An unrecorded check written at the beginning of the month which was cashed during the period covered by the reconciliation.

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Leona, whose marginal tax rate on ordinary income is 37 percent, owns 100 percent of the stock of Henley Corporation. This year,
riadik2000 [5.3K]

Answer: See explanation

Explanation:

First and foremost, it should be noted that there's a flat tax rate of 21% on the taxable income, therefore the after tax income will be:

= (1 - 21%) × $1 million

= 79% × $1 million

= $790,000

Therefore, the amount of the dividend payment is $790,000 which is given to Leona.

The after tax cash flow from the dividend receipt will be:

= $790,000 - (20% × $790,000)

= $790,000 - (0.2 × $790,000)

= $790,000 - $158,000

= $632,000

Therefore, the total tax by Henly and Leona will then be:

= $210,000 + $158,000

= $368,000.

This is 36.8% (368000/1 million) of the tax rate.

5 0
3 years ago
A monopolist has the total cost function c(q) = 750 + 5q. The inverse demand function is 140 - 7q, where prices and costs are me
Ierofanga [76]

Answer:

d. the firm will lose $750

Explanation:

marginal cost is the derivate of the cost function: It represent the cost of producting an additional unit

cost: 750 + 5q

dC/dQ = 5

We have determinate that marginal cost is $5 thus, we should price at the same value. The mistake from the goverment is to equalize marginal cost with price instead of marginal revenue.

This will make the firm loss the fixed component of the cost as will sale to pay up the variable cost.

The fixed cost is $750 so that is the loss from operations

4 0
3 years ago
Read the scenario and question below; then select the correct answer.
GuDViN [60]

Answer:

B) Comprehensive Resource Management

Explanation:

Comprehensive resource management requires that you follow standard procedures in order to:

  • identify requirements
  • perform inventories
  • ordering, storing and acquiring missing materials
  • mobilize resources including personnel, equipment and supplies

It is very important that you plan how to properly plan how to effective allocate your resources.

4 0
3 years ago
Selected data from the Florida Fruit Company are presented below: Total assets $1,500,000 Average total assets 1,850,000 Net inc
Mkey [24]

Answer:

13.5%

Explanation:

Relevant data provided for computing the profit margin which is here below:-

Net Income = $175,000

Net Sales = $1,300,000

The computation of profit margin is shown below:-

Profit Margin = (Net Income ÷ Net Sales) × 100

= ($175,000 ÷ $1,300,000) × 100

= 13.5%

Therefore for computing the profit margin we simply applied the above formula.

5 0
4 years ago
The value of what businesses provide to other businesses is captured in the final products at the end of the __________ chain. s
Ira Lisetskai [31]
The value of what businesses provide to other businesses is captured in the final products at the end of the production chain. During the production chain the product goes through various steps to reach its end result. Each step in the chain adds more value to the product. Once it reaches the end of the chain the true test is the value it provides to business that ends up using the item. An example of this is a home being built. During each stage of the home building process the home is getting closer to its true test, when the owners move in. From the floor being poured to the walls going up, each step makes the house closer to becoming someones home. 
8 0
3 years ago
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