Answer:
B. Head of household
Explanation:
Head of household is one of the filing status for taxes in the United States that has advantage of wider tax bracket and larger standard deduction. The following criteria is needed to file as head of household:
- should be unmarried by end of year
- maintaining their own residence or residence of parent
In this instance Jan will be able to file for head of household if she maintains a sperate residence for her mother and she is a dependent.
In order to preserve independence, Michael must "Remove himself from the engagement as he considers the offer." (Option B). It is to be noted that this is an internal control problem.
<h3>
What is Independence in this case?</h3>
The absence of situations that jeopardize the internal audit activity's capacity to carry out internal audit tasks objectively is called Independence.
Practically, independence is achieved by ensuring that the internal audit activity has no management control for any of the organization's non-audit functions that are subject to internal audit assessments, and by distancing the internal audit activity's management from the functional oversight of the organization's senior management.
Learn more about internal control:
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Full Question:
Michael was on the ABC Accounting Firm's audit team for the Rasmussen Corporation audit. Rasmussen's officers were so impressed with Michael that they offered him a job as Director of Internal Audit at Rasmussen. What should Michael do in order to preserve independence?
A) Tell his superiors as soon as he has decided whether or not to accept the offer.
B) Remove himself from the engagement as he considers the offer.
C) Pray for divine guidance.
D) If he decides to reject the offer, remove himself permanently from the engagement.
Answer:
$427,011.92
Explanation:
We use the present value formula i.e to be shown in the attached spreadsheet
Given that,
Future value = $0
Rate of interest = 7.5%
NPER = 15 years
PMT = $45,000
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
And, in type we write the 1 instead of 0
So, after solving this, the present value is $427,011.92
Answer:
Forecast sales = 115% x $700 million = $805 million
Inventory = $30.2 million + .25($805 million) = $231.45 million
Inventory turnover = Forecast sales/Inventory
= $805 million/$231.45
= 3,48 times
Explanation:
Inventory turnover is the ratio of sales to inventory. Inventory is $231.45 million while forecast sales is $805 million. The division of sales by inventory gives inventory turnover.
