objectives of controls are of primary interest to an auditor performing a financial statement audit--- Accurate and reliable financial reporting.
What are the primary objectives of internal control?
The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.
What are the 5 internal controls in auditing?
There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.
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Answer:
Journal Entry to be recorded
DR. Land $475,000
Cr. Common stock $312,500
Cr. Add-in-capital common stock $162,500
Explanation:
Number of Shares = 12,500 shares
Share Market price = $38
Share Par Value = $25
Total value of property to be recorded= 12,500 x $38 = $475,000
Common stock value at par = 12,500 x $25 = $312,500
Add-in-Capital common stock value = $475,000 - $312,500 = $162,500
Property will be recorded as the total value of exchange which is $475,000. On other other hand the common stock value will be recorded in two parts common stock at par value and add-in-capital common stock over par value.
Here is my answer. DECREASING THE MONEY SUPPLY AND RAISING THE INTEREST RATES is what happens when the Treasury Bonds are being sold by Fed on the open market. An open market is also the same with free market wherein there are only minimal restrictions. Hope this helps.
Answer: The correct answer is "a. $26,000".
Explanation: Implicit costs: Also known as opportunity costs have to do with alternative profit options, or money that we no longer receive when performing certain commercial actions.
A person incurs implicit costs when he waives an alternative action.
Implicit costs: $20000 + $6000 = $26000.
<h3>Betsy’s gross earnings for January period is $1,140
</h3><h3>Betsy’s net pay for January period is $966.79
</h3>
Explanation:
- Betsy Strand’s regular hourly wage rate = $24
- Betsy Strand’s hourly rate for work in excess of 40 hours = $36
- Betsy works during a January pay period = 45 hours.
- Betsy's pay for January period = $24 * 40 + $36 * 5
- Betsy's pay for January period = $1,140
Betsy’s gross earnings for January period is $1,140
- Betsy’s federal income tax withholding = $86
- FICA tax rate = 7.65%.
- Betsy’s FICA Taxes Payable = $1,140 * (7.65 / 100)
- Betsy’s FICA Taxes Payable = $87.21
- Betsy’s net pay for January period = Gross earnings - Federal income tax withholding - FICA Taxes
- Betsy’s net pay for January period = $1,140 - $86 - $87.21
- Betsy’s net pay for January period = $966.79
Betsy’s net pay for January period is $966.79
