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Varvara68 [4.7K]
3 years ago
5

Briefly describe at least one additional test you could perform to gain evidence as to whether or not the cash account is materi

ally misstated about The bank confirmation from Brigham National Bank was received quite late and was faxed on a non-standard bank confirmation form. There is no corroborating evidence that the document is genuine, or that it was received directly from the bank. Also, no job title is indicated for Gretchen Larson, the person who signed the bank confirmation.
Business
1 answer:
user100 [1]3 years ago
7 0

Answer:

I will review the bank reconciliation statement against the bank statements (both past and subsequent statements) received from Brigham National Bank and the internal records maintained by the company.  The review may yield the result that there are no issues or otherwise.  With this review, the confirmation received from Brigham National Bank will be verified as correct or not.

Explanation:

Auditor's review of some information will collaborate some third party evidence as either correct or misleading.  Since it is being suspected that the confirmation from Brigham National Bank, because of its form, could be forged, it is then necessary to gain additional evidence by reviewing other supporting evidence.

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Now that you have studied monopolistic competition, let's see how well you can distinguish a firm in a monopolistically competit
vlabodo [156]

Answer:

<u>Monopolistic Competition:</u>

4. a firm that faces a downward sloping demand curve.

<u>Perfect Competition:</u>

1. a firm that produces with excess capacity in

3. a firm that may earn in an economy profit or loss in the short run

5. a firm that that maximizes profits profit in the long by producing where MR = MC

<u>Both:</u>

2. a firm that has a firm that sets price greater than marginal cost.

Explanation:

7 0
3 years ago
Friendly's quick loans, inc., offers you "ten for twelve or i knock on your door." this means you get $10.00 today and repay $12
valkas [14]

Answer:

Friendly's would say you were paying <u>1042.86% APR</u>.

Explanation:

Annual percentage rate (APR) can be described as the yearly interest rate that is paid by a borrower to a lender which is expressed in percentage term without taking compounding into consideration.

Annual Percentage Rate (APR) can be determined using the following formula:

APR = {[(Fees + Interest amount) / Principal / n] * 365} * 100 ……………… (1)

Where;

APR = ?

Fees = 0

Interest amount = Amount to repay - Amount to borrow = $12.00 - $10.00 = $2.00

Principal = Amount to borrow = $10.00

n = Number of days in the loan term = One week = 7 days

Substituting the values into equation (1), we have:

APR = {[(0 + 2) / 10 / 7] * 365} * 100

APR = 1042.86%

Therefore, friendly's would say you were paying <u>1042.86% APR</u>.

5 0
2 years ago
Cityscape Hotels has 200 rooms available in a major metropolitan city. The hotel is able to attract business customers during th
pishuonlain [190]

Answer: See explanation and attachment

Explanation:

a. What is the contribution margin for a room night under the normal pricing if only the hotel depreciation and hotel staff (excluding housekeeping) are assumed fixed for all occupancy levels?

Price = $180

Less: Variable Costs:

House keeping staff = $23

Utilities = $7

Amenities = $3

Total variable costs = $33

Contribution margin = $147

B. Determine the contribution margin for a room night under the proposed weekend pricing.

Price = $120

Less: Variable Costs:

House keeping staff = $23

Utilities = $7

Amenities = $3

Total variable costs = $33

Contribution margin = $87

C. Prepare a differential analysis showing the differential income for an average weekend between the existing (Alternative 1) and discount (Alternative 2) price plan.

Check attachment for solution

D. Should management accept the proposed weekend pricing plan? Explain.

No. From the calculation in C, there is reduction in income.

4 0
2 years ago
The determination as to whether an over-the-counter stock is eligible for purchase on margin is made by
astraxan [27]

Answer: Federal Reserve Board

Explanation:

The Federal Reserve Board represents the leadership of the Federal reserve system or the Fed, America's central bank.

Decisions that have to do with the eligibility of an over-the-counter stock for purchase on margin falls under Federal purview and is regulated by the Federal Reserve Board and enforced by the Financial Industry Regulatory Authority.

5 0
3 years ago
Your bank account pays interest with an EAR of 4 %. What is the APR quote for this account based on semiannual​ compounding? Wha
LenKa [72]

Answer:

APR would be 3.9607805% compounded semiannually

APR would be 3.9284877% compounded monthly

Explanation:

We calcualte consider these rates should be inancially equivalent to an equivalent rate of 4% annually.

<u>The semiannual compounding will capitalize two times:</u>

(1+APR/2)^2 = 1+EAR\\(\sqrt{1.04} -1) \times 2 = 0.039607805

<u>The monthly will capitalize 12 times per year:</u>

(1+APR/12)^12 = 1+EAR\\(\sqrt[12]{1.04} -1) \times 12 = 0.039284877

8 0
3 years ago
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