Answer: See explanation
Explanation:
Moral muteness occurs when as individuals in the society, we choose not to speak up when we witness an unethical behavior by someone. Even though such issues don't go along with the moral beliefs of the person who witnessed it, he or she decides not to speak against it.
An advertising professional might experience this phenomenon because of the fear of the fear of the fact that speaking up might affect his or her chance of selling the product to the person with the unethical behavior and also due to fear of losing ones job.
Answer:
A. $10,000
Explanation:
We know that :
cost of goods sold = opening inventory + purchases - ending inventory
hence,
Ending Inventory = opening inventory + purchases - cost of goods sold
therefore,
Ending Inventory = $15,000 + $45,000 - $50,000
= $10,000
The ending inventory must equal: $10,000
The question is incomplete as the figures are missing. The complete question is,
Fosnight Enterprises prepared the following sales budget:
Month Budgeted Sales
March $6,000
April $13,000
May $11,000
June $20,000
The expected gross profit rate is 20% and the inventory at the end of February was $7,000. Desired inventory levels at the end of the month are 30% of the next month's cost of goods sold. What are the total purchases budgeted for May?
Answer:
Purchases - May = $10960
Explanation:
To calculate the total value of purchases that are budgeted for May, we first need to calculate the cost of goods sold and the opening and closing inventory for May.
As the gross profit margin is 20%, the cost of goods sold will be 80% of sales.
Cost of goods sold for May = 0.8 * 11000 = $8800
Cost of goods sold for June = 0.8 * 20000 = $16000
Opening inventory - May = 8800 * 0.3 = $2640
Closing Inventory - May = 16000 * 0.3 = $4800
Purchases = Closing Inventory + Cost of Goods Sold for the month - Opening Inventory
Purchases - May = 4800 + 8800 - 2640
Purchases - May = $10960
Answer:
The answer is stated below:
Explanation:
If the SEC and the AICPA, worked altogether in order to share the information, they might have detected the fraud prior. The case states that the Madoff Securities does not required to submit the peer review program to AICPA as Friehling, had recorded that he did not perform or conduct any audits.
Recommendation
1. The policy execution for the exchange of the information among the two firms would be useful to detect the fraud.
2. The PCAOB should spend more resources an attending the hotline of whistle blowing through executing the policies which need certain complaints to be addressed effectively.
3. The firms or company should have done more in order to verify the financial statements assertions, which surrounds the investments. The PCAOB need to execute the policy that require the companies (such as Madoff Securities) to correctly answer the inquiries of the auditor.
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