Answer:
35% of sales(say $2,000,000) in April
$700,000
Explanation:
Step one :
Assuming that the sales made for April is $2,000,000
According to the conditions in which money is collected 35% of sales made for a month is collected for the month
For april the expected amount
=35/100*2,000,000
=$700,000
It would help keep the person organized
Answer: D
Explanation:
Just took the quiz and got it right. A P E X
Answer:
$96,870
Explanation:
The understatement of ending inventory causes the cost of goods sold to be overstated and the gross and net income to be understated by the same amount.
If the 2017 ending inventory was understated by $7,100 then the correct net income figure for 2017 will be $7,1000 more that what was reported.
Therefore, 2017 corrected net income
= $89,770 + $7,100
= $96,870
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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