In your words, what is the legal responsibility of the auditor?

Q: 1 3 4 flow 20,000 -2A -2A -2A -2A -5A

A: The answer is stated below:

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A: The question is related to the Inventory Management. In this question first we will calculate…

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A: Unemployed : 628.60 Labour Force : 12088.6

Q: Leona sold California real estate for $632,000 and she does not meet any of the exceptions for…

A: Withholding rate is 3 1/3 % of total sale price. So the withholding tax = 632000* 0.03333% = $ 21046

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A: It is one of the types of lease in which the lessor will be the legal owner of the asset, but the…

Q: There has been a sharp increase in the emergence of financial technology firms (also known as…

A: An auditor is someone who verifies the accuracy of documented business transactions. Auditors are…

Q: Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold…

A: The income statement is prepared to record the revenues and expenses of the current period.  The…

Q: Presented below are relevant extracts from Tank Corporation’s statement of financial position as of…

A: The following important points explain the adjustment to be done to arrive at the required adjusted…

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A: lease is a contractual agreement where by one party who is the owner of an asset grant the other…

Q: Problem 8-4 (IFRS) On January 1, 2017, Roma Company purchased equipment for P4,000,000. The…

A: Accumulated depreciation from 2017 to 31st December 2020. Cost - salvage value / useful life os…

Q: Last Na Company provided the following data on December 31, 2011: Operating revenue P 5,600,000;…

A: Diluted Earning Per Share For the Calculation of Diluted earning per share which can be taken…

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A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To…

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A: GIVEN general electric company which manufactures electric motor has a capacity of producing 150…

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A: Variable costing is a method of costing that considers variable costs while determining the cost of…

Q: On November 7, Mura Company borrows $350,000 cash by signing a 90-day, 8%, $350,000 note payable.…

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: Cane Company manufactures two products called Alpha and Beta that sell for $150 and $105,…

A: Fixed overhead is a collection of costs that do not change as a result of exercise increases.  The…

Q: Chamberlain & Co. has income from operations of $232,800, invested assets of $970,000, and sales of…

A: profit margin= profit /sales = 232800/3880000*100 = 6%   investment turnover = Sales/ invested…

Q: A purchases cut-off procedure was rendered by your audit staff in line with your audit of the…

A: FOB (Free on board) means that how long the product is being in transit is free to the receiver. FOB…

Q: 1. Dividend income received by a resident citizen from domestic corporations 2. Dividend income…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Listen The Georgia DOT has purchased equipment for the new road construction around Kenesaw State…

A: Straight line method of calculating depreciation is the simplest method in which the net cost of…

Q: A company declared a cash dividend on its common stock in December 2020, payable in January 2021.…

A: GIVEN   A company declared a cash dividend on its common stock in December 2020, payable in January…

Q: red corp. declare and pay a dividend on July 1, 2018, amount of $45,000; if the Refundable Dividend…

A: correct option with proper explanation are as follows.

Q: Pharoah Corp. has collected the following data concerning its maintenance costs for the past 6…

A: Highest activity = 48,200 units Lowest activity = 21,700 units

Q: If P850,000 of cash was distributed by the partnership, compute for the following: 1. Problem 3 -…

A: Partnership means a group of persons who come together with a purpose to control and manage the…

Q: "be balance sheet of the Omar Paolo and Ouek partnershin on November 1 2016 (bet

A: In partnership liquidation ,  we first give priorty for outside…

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A: When amount received from debtors by electronic fund transfer following entry shall be passed.

Q: displayed below.] Ramirez Company installs a computerized manufacturing machine in its factory at…

A: Under straight method the depreciation is uniform for all years. Computation of depreciation per…

Q: The table below contains selected financial information from recent financial statements of KBI Toys…

A: Formulas: Gross profit ratio = Gross profit / Sales Inventory turnover = Cost of goods sold /…

Q: PROBLEM NO.5 Solve for ERR if 25% Mimimum Attractive Rate of Return 13% Interest Rate External…

A: Concept of ERR

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A: The process of recording business transactions in the books of accounts for the first time is…

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A: Perfect complementary good is a good that must be consumed with another good. These goods can be…

Q: What types of Accounting are there

A: There are following types of accounting: 1. Financial accounting 2. management accounting 3. tax…

Q: Which of the following is often used as the main repository of a company's historical data (l.e.,…

A: Introduction:- Data plays vital role in every business to take decisions It requires tools that can…

Q: The following partial budget versus actual report was prepared for Otis the Great, a manufacturer of…

A: Static Budget Sales revenue = $108,000 - $18,000 = $90,000 Selling price = $90,000 / 50,000 = $1.80…

Q: IMA Manufacturing has just purchased a difference in conditions (DIC) policy with a $5 million…

A: Deductible amount that policy holder have to pay before the insurance company start up. So first pay…

Q: Jose’, store manager for SportsHaven, does not know how to price a GE freezer that cost the store…

A: For calculating sale price from the details of cost price and mark up on sale, we need to use below…

Q: low into a spreadsheet.) Dividend expected next year $1.05 Dividend growth rate 8.7% Required return…

A:

Q: Compute the total profit or loss for the company.

A: Total profit for the company is the profit which has been added together from all the separate…

Q: the VC is checking your business acumen and says, "If I give you $500,000, and you purchase your…

A: Current ratio The current ratio refers to the liquidity ratio that helps the investors to know more…

Q: Explain the following terms • Authorized Share Capital • Issued Share Capital   Bonus Shares​

A: Authorized Share capital Authorized capital is the maximum number of shares a public limited company…

Q: Pearl company acquired 80% of Coral company on January 1, 2020. On December 2021 Pearl reported…

A:

Q: Dorsey Company manufactures three products from a common input in a joint processing operation.…

A: Financial advantage here means that after incurring the additional costs the results are positive.…

Q: Journalize the transactions for the company. 2. Considering the given transactions​ only, what are…

A: The current liabilities include the amount to be paid within one year. For example, creditors,…

Q: n January 1, 2022, Fulbright Company sold goods Blue Dirt Company for $400,000 in exchange for…

A:

Q: Determine the adjusted net income in 2020, 2021, 2022

A: Adjusted net income is the income which has been earned by the company when all the adjustments have…