Answer:
The correct answer is A.
Explanation:
Giving the following information:
On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life.
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= 60,000/5=12,000
3 months depreciation= 12,000/12*3= 3,000
Answer:
1.No,the Auditors should not be held liable for failing to discover the fraud.
2.The red flags in ZZZZ Best case are Account receivables,Current liabilities and Notes payables.
Explanation:
1. The auditors responsibility is to state if the financial statement prepared shows a true and fair view,and to vet compliance to statutory guidelines.They may detect fraud in the course of their audit,they can recommend but are not responsible to put control measures in place to prevent such. The management are responsible for the preparation of the financial statement and safeguarding of asset, consequently, liable for the content therein.
2. The sales were made on cash basis before the period in question,a major change in policy as such should have been well measured
Answer:
Alma would have $ 4,269.61 for her trip in four years' time
Explanation:
The amount she would have for her trip in four years' time can be computed using the future value formula which is given as:
FV=PV*(1+r/t)^N*t
PV is the amount she has today which is $3,500
r is the rate of return the credit union offered her,that 5%
t is the number of times in a year the interest is compounded which is 4
N is the number of years the investment would last which is 4 years
FV=$3,500*(1+5%/4)^4*4
FV=$3,500*(1+1.25%)^16
FV=$3,500*(1.0125)^16
FV=$3,500*1.219889548
FV=$4,269.61
Alma would have $ 4,269.61 for her trip in four years if the $3,500 is invested at 5% compounded quarterly
Answer:
The correct answer is letter "B": decreases to assets and expenses and increases to liabilities, revenues, and stockholders' equity.
Explanation:
When it comes to accounting book-keeping, a credit is an entry that increases <em>liabilities </em>(amounts owed to third parties) and <em>equities </em>(assets minus liabilities) in their corresponding accounts or decreases <em>assets </em>(resources owned by the company) and <em>expenses </em>(costs of the business operations) accounts.
Answer:
In a pure free enterprise system, all property is owned by private citizens and businesses. ... Since private property allows ownership to be spread among a large number of people, power is also widely distributed. This reduces the danger of too much power being controlled by a few.
Explanation:
Hope it helps