Answer: D. Manufacturing
Explanation: The companies manufacture the new cars/ houses.
Answer:
C. Unauthorized acquisition or use of data or assets that could affect financial statements will be prevented or detected in a timely manner.
Explanation:
Internal Control Financial Reporting is a framework designed to help companies manage their financial reporting and achieve the greater goals of risk assessment, control, information and communication, as well as monitoring. One of the weaknesses that could characterize ICFR is its inability to assure timely prevention and detection of unauthorized acquisition or use of data.
The scheme however ensures that financial records are maintained and that transactions are prepared according to GAAP rules. ICFR ensures that misstatements are detected in financial reporting.
Answer:
the Net Cash flow provided by financing activities is $385,000
Explanation:
The computation of the amount that should be reported as net cash provided or used by financing activities is shown below:
Cash flow from financing activities
Issuance of common stock $247,000
Issuance of bonds payable $522,000
Less: Payment of dividends -$335,000
Less: Purchase of treasury stock -$49,000
Net Cash flow provided by financing activities $385,000
Hence, the Net Cash flow provided by financing activities is $385,000
Answer:
since there is not enough room here, I prepared two amortization schedules on an excel spreadsheet and I attached them
Explanation:
in order to determine the monthly payment, we can use the formula to calculate present value of an annuity:
PV = annuity payment x annuity factor
annuity payment = PV / annuity factor
- PV = $300,000
- annuity factor for 2.2% / 12 = 0.18333% and 180 periods = 153.1964438
I used an annuity calculator to determine the annuity factor
annuity payment = $300,000 / 153.1964438 = $1,958.27
we use the same formulas for the second question:
PV = annuity payment x annuity factor
annuity payment = PV / annuity factor
- PV = $300,000
- annuity factor for 2.7% / 12 = 0.225% and 360 periods = 246.54977
I used an annuity calculator to determine the annuity factor
annuity payment = $300,000 / 246.54977 = $1,216.79
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Answer:
As a sole proprietor, you don't pay yourself a salary and you can't deduct your salary as a business expense. Technically, your “pay” is the profit (sales minus expenses) the business makes at the end of the year. You can hire other employees and pay them a salary. You just can't pay yourself that way
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