Answer:
Dr. Cr.
Salaries Expense $8,000
Salaries payable $8,000
Explanation:
Four days of the week passed until December 31. So, the accrued expense will be as follow:
Payroll for 5 days = $10,000
Payroll for 1 days = $10,000 / 5 = $2,000
Payroll for 4 days = $2,000 x 4 = $8,000
Accrued Expense of $8,000 should be recorded and a liability will be made against this expense as payment has not been made.
<span>As the acceptable level of detection risk increases for a given audit risk, an auditor may change the timing of substantive procedures from year end to an interim date. Detection risk is the risk that audit procedures will not know a material wrong statement. It is related to the timing, extent and nature of procedures done to diminish audit risk to an acceptable level.
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Answer:
Future Value =$62,367.85
Explanation:
<em>The rate of return earned on the investment can be worked out using the Future value of a lump sum formula. The future value of a lump sum is the amount lump would amount to if interest is earned and compounded at a certain interest rate.
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The formula is FV = PV × (1+r)^(n)
PV = Present Value- 30,000
FV - Future Value, - ?
n- number of years- 15
r- interest rate - 5%
Future Value = 30,000× 1.05^15 =62,367.85
Future Value =$62,367.85
Answer:
Direct materials for use= $183,060
Explanation:
Giving the following information:
Materials inventory, January 1 - $33,660
Materials purchases - $148,800
Material transportation-in - $600.
The material transportation is part of the cost of materials. We need to use the following formula:
Direct materials for use= beginning inventory + purchases
Direct materials for use= 33,660 + (148,800 + 600)
Direct materials for use= $183,060
