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KonstantinChe [14]
3 years ago
11

If shuebke's review was conducted in good faith and conformed to generally accepted accounting principles, can superior hold shu

ebke delgado liable for negligently failing to detect material omissions in chase's audit? why or why not?
Business
1 answer:
Ira Lisetskai [31]3 years ago
6 0
This involves bookkeeper obligation, carelessness – or neglecting to distinguish material oversights, and the treatment of bookkeepers acting in compliance with common decency and following the sound accounting standards. The essential inquiry is regardless of whether Shuebke can be held subject expecting she had acted in compliance with common decency and adjusted to the sound accounting standards. To start, sound accounting standards can be characterized as the traditions, guidelines, and methodology used to depict what the worthy bookkeeping standards are at a particular time. They likewise diagram the level of aptitude expected of bookkeepers and the level of care that they should practice in playing out their administrations.
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Thomas purchased 200 shares of stock A for ​$23 a share and sold them more than a year later for $ 19 per share. Be purchased 60
Delicious77 [7]

Answer:

Capital gain tax = $1,540.

Explanation:

As per the data given in the question,

For stocks of A  

Profit = (selling price - purchasing price) × units

= ($19 - $23) × 200

= -$800

For stocks of B  

Profit = ($57-$41) × 600

= $9,600

Total profit = profit for stock A + profit for stock B  

= -$800 + $9,600

= $8,800

Therefore, capital gain for both year = $8,800

Tax rate = 35%

Capital gain tax = Capital gain × Tax rate

= $8,800 × 35%

=$3,080

As share holds for more than a year,

So, Capital gain tax = $3,080 ÷ 2 = $1,540.

5 0
2 years ago
You put $10000 in an account earning 5%. After 3 years, you make another deposit into the same account. Four years later (7 year
ikadub [295]

Answer:

money deposited after end of 3rd year is $4877.75  

Explanation:

given data

initial amount  = $10000

rate = 5%

time = 3 year

after 7 year account balance = $20000

solution

we consider here money deposited after end of 3rd year is = x

first we get here compounded amount after 3 years as

compounded amount = initial amount × (1+r)^{t}    ................1

compounded amount = 10000 × (1+0.05)^{3}

compounded amount = $11576.25

so at 7 year account balance is

account balance = ( compounded amount + x )  × (1+r)^{t} ....................2

$20000  = ( $11576.25 + x ) × (1+0.5)^{4}  

solve it we get

x =  $4877.75  

so money deposited after end of 3rd year is $4877.75  

7 0
3 years ago
Blossom Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and Dece
Nat2105 [25]

Explanation:

The journal entries are as follows

On December 31, 2020

Cost of goods sold $24,650

      To Allowance for reduction in inventory to NRV $24,650

(Being the cost of goods sold is recorded)

It is computed below:

= $379,880 - $355,230

= $24,650

On December 31, 2021

Allowance for reduction in inventory to NRV $3,640

             To Cost of goods sold $3,640

(Being the allowance for reduction is recorded)

It is computed below:

= $24,650 - ($445,440 - $424,430)

= $24,650 - $21,010

= $3,640

6 0
3 years ago
This chapter described various situations that emphasize the need for controls. In the first sce- nario presented, a furniture s
Alex17521 [72]

Answer:

First Scenario:

The furniture store should develop a system which helps keeps track for the purchases made on account. The system should keep track of invoices and payment due dates. The system should notify the team when the payment due date is near. The system should have controls for identifying duplicate payments.  

Explanation:

Second Scenario:

The account payable clerk should keep track of all the invoices entered in the system. The system controls should be efficient so that there is no duplicate payment or missed payment. The system should notify the user when any duplicate invoice entering attempt is made. There should be authorization of invoices before they are entered in the system. The payment process should be segregated between 2 or more users so that there is less risk for fraud.

3 0
3 years ago
One hospital CEO insists on including performance data in the hospital’s annual report. "We do very well on most measures, exc
Paha777 [63]

Answer:

we do this to maintain record of institution. this is effective practice

3 0
3 years ago
Read 2 more answers
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