Answer:
$200 of revenue, $400 of deferred revenue
Explanation:
The journal entry to record the entry on August 1 is shown below:
Unearned revenue A/c Dr $200
To Revenue $200
(Being the two-month revenue is recorded)
The computation is shown below:
= Six-month revenue × number of months ÷ total number of months
= $600 × 2 months ÷ 6 months
= $200
The two months is calculated from June 1 to August 1
The remaining balance would be transferred to the deferred revenue account
= $600 - $200
= $400
Answer:
Adjusted balance method.
Explanation:
Financial charges that are been summed up at the end of the last cycle of billing or their previous balances are seen to be calculated with this method. And also, it is used in calculation of the interest which are seen to be toppled or owed by people or customers that are seen to using the savings accounts.
A lot of financial institutes rely on the service or this method in the summation of their account holders month end balances.
objectives of controls are of primary interest to an auditor performing a financial statement audit--- Accurate and reliable financial reporting.
What are the primary objectives of internal control?
The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.
What are the 5 internal controls in auditing?
There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.
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I would say that for Catherine, the best place to inform her investors about a new stock issue would be a news release on her company website so in that way it is made public, informs the investors and may attract more capital investment in the company as well.
Answer:
$3,762
Explanation:
The computation is as seen below
Total cost when the production is 9,900 units
Direct materials $8,316
Direct labor $11,187
Variable overhead $12,474
Total $31,977
But,
Their new cost on supplier offer is
= $2.85 × 9,900 units
= $28,215
In the case when the order is accepted, the net income would increase by
= $31,977 - $28,215
= $3,762
