Answer and Explanation:
The SoX sarbanes oxley act of 2002 was enacted to address company fraud that was exemplary of Eron and worldcom and bring back the confidence held in the financial market
It was meant to increase the effectiveness of internal control in companies in keeping accounting records or financial reports reliable and fraud-proof. The SOX act increased the independence of company auditors making their reports more reliable as they didn't have to compromise because they were dependent on top managers. In addition top managers were held responsible for any fraud in accounting statements and so were to certify the reliability of reports released to the public
Answer:
The authorized common stock shares remain 1,000,000 shares.
Explanation:
The authorized shares are not affected by movements in the shares, like issue of shares, repurchase, and resale of treasury stock shares. The authorized shares, therefore, represent the number of shares that the company is legally bound to issue without exceeding. The implication is that the company is free to issue shares less than or equal to the authorized shares, but it may not issue more than the authorized until it obtains a new authorization.
The movements are accounted for in separate accounts called Issued Common Stock Account and Treasury Stock Account. The treasury stock account is a contra account to the Common Stock.
Answer:
Budgeted direct labor cost= $10,150
Explanation:
Giving the following information:
Production:
March= 1,400 units
April= 1,500 units
Each nightstand requires 0.25 direct labor hours in its production. Direct labor rate of $ 14.00 per direct labor hour.
To calculate the production budget cost for direct labor, we need to use the following formula:
Direct labor cost= total direct labor hours*direct labor rate
<u>March:</u>
Direct labor hours= 0.25*1,400= 350 hours
<u>April:</u>
Direct labor hours= 0.25*1,500= 375 hours
Budgeted direct labor cost= (350 + 375)*14= $10,150
Answer:
Explanation: Mail companies use a cellular network and Global Positioning System (GPS) technology to obtain real-time delivery tracking and location information
Answer:
Darla's amount realized on the sale is $800
Adjusted basis in the assets sold is $300
Producing a realized gain on the sale of $500
Explanation:
Amount realized = cash received + FMV of other property + buyer’s assumption of seller’s liabilities – seller’s expenses
Amount realized = 600 + 200 + 0 -0
= $800
Adjusted basis = initial basis – cost recovery deductions
Adjusted basis = 2500-2200 = $300
Gain or loss realized = amount realized – adjusted basis = 800-300
= $500
Therefore Darla's amount realized on the sale is $800 and the adjusted basis in the assets sold is $300, producing a realized gain on the sale of $500
