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3 years ago

Explain the role audit committee plays in the company

Business

1 answer:

jeka943 years ago

7 0

Answer:

The primary purpose of a company's audit committee is to provide oversight of the financial reporting process, the audit process, the company's system of internal controls and compliance with laws and regulations. ... As such, CPAs report directly to the audit committee, not management.

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Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Rick Co.'s Board of Direc

Pie

Answer:

The journal entry is as follows:

Retained earnings A/c Dr. $18 million

To common stock $0.30 million

To capital paid in excess A/c $17.70 million

(To record the stock dividend issued at 1%)

Working notes:

Shares issued = 1% of 30 million

= 0.30 million

Retained earnings:

= 0.30 million × $60 per share

= $18 million

Common stock:

= 0.30 million × $1 par value

= $0.30 million

Capital paid in excess:

= Retained earnings - Common stock

= $18 million - $0.30 million

= $17.7 million

8 0

3 years ago

Rina and Musashi are married, under the age of 65, and have four children under the age of 18. Musashi works full time and earns

Ipatiy [6.2K]

Answer: Not at all

Explanation:

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3 years ago

If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______. Multiple choice quest

kotykmax [81]

A car company would be called a supplier's corporate partner if its collaborated with a sheet metal supplier.

<h2>What is corporate partner?</h2>

A corporate partnership means a beneficial relationship between two separate company for specific purpose.

Here, the car company and sheet metal supplier are corporate partners because they have a specific purpose they serve there selves.

In conclusion, the car company would be called a supplier's corporate partner if its collaborated with a sheet metal supplier.

Read more about corporate partnership

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2 years ago

You are provided with the following information for Sandhill Co., effective as of its April 30, 2022, year-end.

Ray Of Light [21]

Answer:

SANDHILL CO.

Income Statement

For the Year Ended April 30, 2022

Revenues

Sales revenue $6,200

Expenses

Cost of Goods Sold $1,000

Depreciation expense $315

Income tax expense $175

Insurance expense $360

Interest expense $460

Salaries & Wages expenses $850

Total Expenses $3,160

Net Income $3,040

SANDHILL CO.

Retained Earnings Statement

For the Year Ended April 30, 2022

Retained Earnings, May 1, 2021 $1,700

Add: Net Income $3,040 $4,740

Less: Dividends $310

Retained Earnings, April 30, 2022 $4,430

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2 years ago

Which of the following is the first step in Kotter's eight-step plan for implementing change?A) Create a new vision to direct th

forsale [732]

Answer:

The correct answer is letter "B": Establish a sense of urgency by creating a compelling reason for why change is needed.

Explanation:

American educator John Kotter (born in 1947) in his book "Leading Change" (2011) proposed an eight-step method to generate change within an organization. The first of them is to Create Urgency, where potential risks are identified, and scenarios that illustrate what might happen in the future are created. Also, honest discussions are carried out to offer diverse and compelling reasons of why the change is needed.

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3 years ago

Explain the role audit committee plays in the company​

Explain the role audit committee plays in the company