The auditor's count of the client's cash should be coordinated to coincide with the ''count of investment securities'' since both mean counting/managing money.
<u>Answer:</u>
The first thing Gary should do is to "identify issues that need to be addressed".
<u>Explanation:</u>
Establishing business in the field of Alcoholic beverages, smoking materials, nicotine content products etc, is looked after from two dimensions by market: one who need it and the other who oppose it. The regulation of such business ideas in market or society is only acceptable when issues or barriers are rectified legally to overcome situation.
Such products should be promoted only after getting license from specified authorities, following the rule of packaging, labeling products according to rules and regulation which carry all mandatory information like composition, merits and demerits of using, warnings: regarding allergy, price, manufacturing and expiry dates etc.
Answer:
a. $51,840
b. $15,440
Explanation;
a. First find the excess fair-value allocation;
= Fair value of Nephew - Book Value
Fair Value = Uncle ownership + Non-controlling interest
= 672,000 + 168,000
= $840,000
Excess fair value = 840,000 - 806,000
= $34,000
Any excess fair-value allocations are amortized over a 10-year period;
= 34,000/10
= $3,400
The Income to be recognized will be reduced by this yearly amotization so the 2014 income recognized by Uncle would be;
= (Nephew income - Amortization) * Uncle ownership stake
= ( 68,200 - 3,400) * 0.8
= $51,840
b. Nephew Company also owns 30% of Uncle which means that they will receive 30% of Uncle dividends.
= 0.3 * 30,000
= $9,000
Added to their own income;
= 9,000 + 68,200
= $77,200
The Non-controlling interest owns 20% so the income they will recognise is;
= 0.2 * 132,100
= $15,440
Answer:
$192,000 million
Explanation:
Calculation for how much revenue should Parmac recognize in the current year
First step is to find the percentage of completion using this formula
Percentage of completion=Cost incurred/Total expected cost
Let plug in the formula
Percentage of completion=$144 million/$360 million
Percentage of completion=0.4*100
Percentage of completion=40%
Last step is to find the revenue recognized using this formula
Revenue recognized=Total contract *Percentage of completion
Let plug in the formula
Revenue recognized=$480 million*40%
Revenue recognized=$192,000 million
Therefore the amount of revenue that Parmac should recognize in the current year will be $192,000 million
Gap's cost of goods sold is $10,258 million and Cash paid to supplier is $10,447 million.
Let understand that Cost of good sold refers to amount of expenses incurred to produce the goods produced by a firm.
- The formulae for deriving the Cost of Goods Sold is {Beginning Inventories + Purchases – Ending Inventories}.
- Information given are <em>Purchased inventories $10,392, Ending inventories $2,131 and Beginning inventories $1,997</em>
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Cost of goods sold = $1,997 + $10,392 - $2,131
Cost of goods sold = $10,258
- In conclusion, the amount of Gap's cost of goods sold is $10,258
Let understand that Cash paid to accounts payable refers to net amount paid to supplier of goods.
- The formulae for deriving the Cash paid to accounts payable is Beginning balance for 2015 + Purchases - Ending balance for 2015
Cash paid to accounts payable = $1,181 + $10,392 - $1,126
Cash paid to accounts payable = $10,447
- In conclusion, the amount of Gap's Cash paid to supplier is $10,447
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