Answer:
$17,600 ; $29,000
Explanation:
The computation of the net income is shown below:
Based on Cash basis
= Received cash - Expenses incurred in cash - prepaid expenses
= $56,000 - $26,900 - $11,500
= $17,600
Based on Accrual basis
= Revenue earned - expenses incurred
= $64,000 - $35,000
= $29,000
The cash expenses incurred is
= $35,000 - $8,100
= $26,900
Answer:
The translation adjustment is a function of the foreign subsidiary's net assets.
Answer:
The budgeted sales revenue is : $168,000
Explanation:
In 2019, as Mary's Basket Company has the opening Inventory balance of 2,000 baskets; projects to manufactures 24,000 baskets, plans to maintain ending inventory at $2,000 baskets without any work-in-process inventory; We have the baskets available for sales in the year of 2019 is:
Actual Ending Balance of 2018 + Projected manufactured baskets during the year 2019 - Planned ending Balance of the year 2019 = 2,000 + 24,000 - 2,000 = 24,000
The unit price is projected at $7.
Thus, we have the projected sales revenue is:
Projected Unit price x Projected baskets available for sales = 7 x 24,000 = $168,000
The auditors' responsibility to communicate findings with respect to fraud can best be summarized as: Communicate to the audit committee both material and immaterial amounts of fraud that are detected. This is further explained below.
<h3>What is auditors?</h3>
Generally, An auditor is a person qualified to examine financial documents, confirm their correctness, and make sure businesses are following tax regulations.
In conclusion, the Auditors' duty to report fraud-related discoveries is summed up as follows. Any identified fraud, no matter how little, should be reported to the audit committee.
Read more about auditors
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Answer:
1.$80,800
2.$45,450
3.$40,400
4.$82,483
Explanation:
Interest Rate Fiscal Year-End Interest Expense
1. 8 % December 31 2020000*8%*6/12 = $80,800
2. 9 % September 30 2020000*9%*3/12 = $45,450
3. 6 % October 31 2020000*6%*4/12 = $40,400
4 7 % January 31 2020000*7%*7/12 = $82,483