Answer:
The answer is "Option A"
Explanation:
In this Act, the U.S. Congress in 2002 to financing offers against the risk of corporate accounting fraud. To enhance account statements on firms as well as reduce financial crimes, its Sarbanes Oxley Act (SOX) authorized information pertinent.
- The SOX has been introduced in the early 2000s throughout responding to its accounting irregularities.
- The Shareholder commitment within financial reports has been shattered by controversies in everything from Enron, Tyco, and WorldCom and a rewrite in regulatory requirements.
Answer:
price variance $14,040 U
quantity variance $ 5,650 F
rate variance $ 10,700 U
efficiency variance $ 26,800 U
Explanation:
Missing information attached:
Purchase of Aluminium:
66 ending + 3,530 used - 46 beginning = 3,510
DIRECT MATERIALS VARIANCES
std cost $25.00
actual cost $29.00
quantity 3,510 (purchase)
difference $(4.00)
price variance $(14,040.00)
std quantity 3756.00 (939 units x 4 pounds per unit)
actual quantity 3530.00
std cost $25.00
difference 226.00
quantity variance $5,650.00
DIRECT LABOR VARIANCES
std rate $40.00
actual rate $42.00
actual hours 5,350
difference $(2.00)
rate variance $(10,700.00)
std hours 4680.00
actual hours 5350.00
std rate $40.00
difference -670.00
efficiency variance $(26,800.00)
Answer:
$1,500
Explanation:
Data provided in the question
Sales for the appliances for the entire month = $50,000
Expected future warranty cost = 3% of sales
By considering the above information, the amount that should be reported as a liability is
= Sales for the appliances for the entire month × Expected future warranty cost
= $50,000 × 3%
= $1,500
Simply we multiplied the sales with the given percentage so that the liability amount could arrive
