An audit should be designed to obtain reasonable assurance of detecting material misstatements due to fraud, infractions of the law, and mistakes that have a direct impact on the financial statement amounts.
The audit should be planned by the auditors to provide them a reasonable certainty that they will find any major misstatements brought on by failure to comply with a contract or grant agreement clauses that directly and materially affect the amounts reported in the financial statements.
The purpose of an audit should be to provide a fair level of certainty that fraud and major errors in the financial statements will be found. Although an auditor shouldn't assume that management is dishonest, it must be taken into account that it might be the case.
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Jason and Erica are a married couple who will file a joint return for 2021. They have two young children, Hudson (8) and Leo (3). The couple's 2021 adjusted gross income is $110,000. If Jason and Erica did not receive any advance Child Tax Credit payments during 2021, what is the maximum amount they may be eligible to receive for the Child Tax Credit and the credit for other dependents?
A. $4,000
B. $6,000
C. $6,600
D. $7,200
$7200, is the maximum amount they may be eligible to receive for the Child Tax Credit and the credit for other dependents. Thus, option (d) is correct.
What is tax?
The term tax refers to the government charge the extra money for goods and services. The tax is also called as financial charge. The amount of tax are collect to government account as spent on public welfare.
Determine the child tax credit are:
Maximum amount for child tax credit = 3600 per child in 2021 year
Maximum child tax credit = 3600×2=$7200.
As a result, $7200, the maximum amount they may be eligible to receive for the Child Tax Credit. Therefore, option (d) is correct.
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e. Suppose that demand is perfectly inelastic at 40 million bags, so that consumers demand 40 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return? Assume as always that TC includes a normal profit.
The price which you should charge if you want the firm to earn only a fair rate of return would be $2 per bag.
Given,
Demand is perfectly inelastic at - 40 million bags
Consumers demand - 40 million bags
So, here the price which tends to yield a fair rate of return is also the price that makes the economic profit = 0.
Thus, the sales price = average total cost. So we must first determine total costs for producing 40 million bags:
Total costs = the Fixed costs + Variable costs
= $40 million + (40 million x $1) = $80 million
Now, we have to determine average total cost:
Average total cost at 40 million bags
= $80 million / 40 million bags = $2 per bag
The price which you should charge if you want the firm to earn only a fair rate of return would be $2 per bag.
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How is refutation different from concession?
Answer:How is refutation different from concession?
Concession – a sentence or two acknowledging that there could be some truth to the Counterargument. Refutation (also called Rebuttal) – sentences which explain why the Counterargument is not as strong as the original Argument.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Aug.1 Inventory on hand—2,100 units; cost $5.40 each.
8 Purchased 10,500 units for $5.60 each.
14 Sold 8,400 units for $12.10 each.
18 Purchased 6,300 units for $5.70 each.
25 Sold 7,400 units for $11.10 each.
28 Purchased 4,100 units for $5.80 each.
31 Inventory on hand—7,200 units.
Required:
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods.
Using calculations based on a periodic inventory system, the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 Income Statement using the following cost flow methods are:
FIFO Method LIFO Method Weighted Average
Ending Inventory $41,450 $39,900 $40,640
Cost of Goods Sold $88,380 $89,930 $89,190
What are the inventory cost flow methods?The various inventory cost flow methods include:
LIFO (last in, first out)FIFO (first in, first out)Specific identificationWeighted-average cost.Inventory Costing:Date Activities Units Unit Cost Total
Costs Sales
Aug. 1 Inventory on hand 2,100 $5.40 $11,340
Aug. 8 Purchases 10,500 $5.60 58,800
Aug. 14 Sales (8,400) $12.10 $101,640
Aug. 18 Purchases 6,300 $5.70 35,910
Aug. 25 Sales (7,400) $11.10 $82,140
Aug. 28 Purchases 4,100 $5.80 23,780
Total inventory for sale 23,000 $129,830
Aug. 31 Inventory on hand 7,200
Inventory sales 15,800 $183,780
FIFO:
Ending inventory = $41,450 (3,100 x $5.70 + 4,100 x $5.80)
Cost of goods sold = Cost of goods available for sale - Ending inventory
= $88,380 ($129,830 - $41,450)
LIFO:
Ending inventory = $39,900 (2,100 x $5.40 + 5,100 x $5.60)
Cost of goods sold = $89,930 ($129,830 - $39,900)
Weighted Average:
Average cost = $5.645 ($129,830/23,000)
Ending inventory = $40,640 ($5.645 x 7,200)
Cost of goods sold = $89,190 ($5.645 x 15,800)
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Question Completion:FIFO, LIFO, and Weighted Average inventory methods.
Outlays of monies for items such as life insurance, car insurance, and medical insurance are considered_________ spending.
Outlays of monies for items such as life insurance, car insurance, and medical insurance are considered mandatory spending.
What is insurance?Insurance can be defined as the coverage that help to cover cost or expenses in case of unforeseen or unexpected circumstances.
Having an insurance policy is essential as we cannot predict an event that may happen which is why having a life insurance, car insurance as well as medical insurance are classified as a mandatory spending.
Therefore we can conclude that having an insurance coverage is essential.
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when supplies are purchased on credit it means that: (check all that apply.)
When supplies are bought on credit, a liability is created, the accounts payable account is enlarged, and the business will pay for the items at a later date.
A company's debt to its suppliers and vendors who gave it goods or services on credit appears as an account payable liability on the balance sheet and is short-term.
"Purchased on account" is a term that applies to any credit-based purchases. In order to boost accounts payable, a company that owes another organization money for goods or services delivered will record the entire sum as a credit entry. The unpaid sum will continue to exist until the owing party receives complete payment.
Businesses that buy supplies on credit must make multiple journal entries to reflect the transaction in their financial records. These entries affect the basic accounting equation's equilibrium, which is crucial to the bookkeeping process.
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Jeffrey Sachs' article titled "America Has Become a Country Owned by the Rich, Ruled by the Rich, and Enjoyed by the Rich" said that a year ago, Joe Biden narrowly defeated Donald Trump in the election, but the prospects for the United States are still uncertain. It is not easy to diagnose exactly what has put the United States in such a difficult position that it has instigated the "Trump Movement."
America Has Become a Country owned , ruled by the rich, and enjoyed by the rich as the rule there exists is of the high monarchy or the sole decision making of the constitution.
The sole decision making authority of the constitution does not allow people of the nation to vote for the person they want to get into the power and are not even allowed to share their prospects.
The high the monarchy the less the decision making authority by the people is given to them, and hence the result is the automatic use of the power and no election to held.
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To access need-based federal aid, including federal loans you will need to submit _____.
Answer:
You must submit the Free Application for Federal Student Aid, also known as the FAFSA.
Explanation:
1) The focus of this video was on __________ which the
chapter describes as all forms of pay going to
employees and arising from their employment.
The focus of this video was on Employee Compensation which the chapter describes as all forms of pay going to employees and arising from their employment.
What is meant by Employee Compensation?Employee compensation is the entire remuneration that an organisation pays to an employee in exchange for the work that employee performed during the accounting period, whether that payment is made in cash or in kind.
Typically, the term "compensation" refers to a monetary payment made to a person in return for their work. Employees work to earn their income at the office. It includes the employee's pay or earnings, commission, and any additional benefits or incentives associated with the job.
Pay, holidays, health insurance, and bonuses all contribute to an employee's total compensation. Other benefits are also included, such as a company car, free parking, complimentary or discounted meals, travel expenses, etc.
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Where is the Edit Links dialog box located?
Edit Link options. When you open the Edit Links dialog (Data > Queries & Connections > Edit Links), you're presented with several options for dealing with existing links. You can select individual workbooks with Ctrl+click, or all of them with Ctrl+A. This will update all selected workbooks.
Answer:data tab, connections group
Explanation:
just did
Dwight Donovan, the president of Munoz Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation; the machine is expected to have a useful life of five years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $106,000 and for Project B are $46,000. The annual expected cash inflows are $27,252 for Project A and $12,761 for Project B. Both investments are expected to provide cash flow benefits for the next five years. Munoz Enterprises’ desired rate of return is 8 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.)
Required
Compute the net present value of each project. Which project should be adopted based on the net present value approach?
Compute the approximate internal rate of return of each project. Which one should be adopted based on the internal rate of return approach?
What is the Net Present Value for project A and project B?
Project A?
Project B?
The project that should be adopted based on the net present value is project B.
The project that should be adopted based on the internal rate of return is project B.
Which projects should be adopted?Net present value is the present value of after-tax cash flows from an investment less the amount invested. Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
The decision rule when using the internal rate of return and the net present value is to undertake the project if the internal rate of return and net present value.
NPV and IRR can be calculated using a financial calculator:
Project A:
Cash flow in year 0 = $-106,000
Cash flow in year 1 - 5= $27,252
I = 8 %
NPV = $2,809.33
IRR = 9%
Project B:
Cash flow in year 0 = $-46,000.
Cash flow in year 1 - 5= $12,761
I = 8 %
NPV = $4,950.97
IRR = 12%
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What is the labor force participation rate of a population of 400,00 wherein the working labor force is 305,00 workers?
A. 69.6%
B. 76.3%
C. 87.1%
D. 55.4%
The labor force participation rate of a population of 400,00 wherein the working labor force is 305,00 workers is 76.3%.
What is the labor force participation rate?The labor force participation rate provides an estimate of the size of the labor force in an economy. The calculation is the proportion of the working-age non-institutionalized population, ages 16 and older, who are employed or actively looking for work.
According to the U.S. Bureau of Labor Statistics (BLS), which releases the data monthly, the labor force participation rate in the U.S. ranged between a low of 61.7% and a high of 62.3% in the 12 months ending in September 2022.
Calculation:
The formula for calculating the labor force participation rate is: (Labor Force Civilian Noninstitutional Population) x 100.
= (305,00/400,00)*100
= 76.3%
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Imagine that you are a school counselor and a student comes to see you confused about what clubs or organizations to join. They say that they have NO IDEA what they want to do when they grow up. What are some questions you would ask them in order to help guide their selection? Come up with at least three questions.
Some questions a school counselor might ask a student to guide their selection of clubs or organizations might be:
What are your hobbies?Have you already chosen your future career?What subjects do you like the most?How to choose extracurricular activities?It is essential that the student chooses activities and groups that are aligned with his/her profile, preferences and abilities. Assuming that the student likes to write and read, then the book club could be ideal for the student to further develop their skills.
The school counselor is the professional responsible for helping the student to make educational and professional decisions based on their needs, characteristics and will.
Therefore, the guidance of the student by the school counselor is advantageous for motivating and making the student understand more about their wishes and future perspectives for cognitive and social development.
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in the united states, opportunities for participation by girls and women in sports have grown since the passage of _____ of the education amendments of 1972.
In the united states, opportunities for participation by girls and women in sports have grown since the passage of Title IX of the education amendments of 1972.
On June 23, 1972, the United States passed the Education Amendments of 1972, sometimes referred to as the Higher Education Amendments of 1972. It is most well-known for its Title IX, which outlawed sex-based discrimination in educational institutions receiving federal funding.
Additionally, it altered government initiatives that offered financial aid to students by transferring funds directly to them without the involvement of middlemen financial institutions.
Executives, administrators, outside salespeople, and professionals were not initially included by the Equal Pay Act of 1963; however, the Education Amendments of 1972 altered the Fair Labor Standards Act to include these workers.
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markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called
Answer:
Financial Markets
Explanation:
Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called Financial Markets.
What is a market?"The market can be defined as a place where goods or commodities, as well as services, are being exchanged. The market is a platform where buyers can buy particular products. And the merchandiser can easily sell their product or render their services."
As they are funds that have been needed because of the shortest that has occurred. It would have the financial market supplier more funds if there is a shortage it would maintain a market equilibrium and the economic position will also be stable in that condition. a financial market is always fluctuating depending on the demand and the need.
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One of the ways a supervisor can gain control is by:
O a. perceiving situations as problems rather than challenges.
O b. planning and identifying both long-term and short-term goals.
O c. taking a series of short vacations rather than a long vacation.
O d. declining rewards when something worthwhile is accomplished.
perceiving situations as problems rather than challenges. [option a] is one of the ways a supervisor can gain control.
The span of control, also known as span of control, is a term used in business management, especially human resources management. This term refers to the number of subordinates or direct reports that a manager is responsible for.Command range refers to the number of subordinates a superior can effectively manage. Simply put, a manager who has a group of direct reports to him is known as a management span.Leadership scope refers to the horizontal levels of the organizational structure. Leadership has broad and narrow spans. Larger spans have fewer hierarchical levels and therefore a flatter organizational structure. Narrow spans increase the hierarchical level while the organizational structure grows.Hence, supervisors can easily control subordinates by the span of management.
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Trying to figure out the most efficient way to perform a job is a goal of
An objective most efficient way to do a work is of management.
What is management?Management entails the coordination and governance of company operations, tasks, and resources to achieve a certain goal.
This frequently includes personnel supervision and training, oversight of key operations, and creating firm infrastructure to optimal for the future. A purpose of management is to determine the most efficient way to accomplish a job.
Therefore, it can be concluded that Management strives to find the most efficient approach to complete a task.
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don wants people to like him and to think he's smart and a good businessman. he is friendly to people, speaks in an educated manner, and wears tailored business suits. goffman would argue that don's demeanor and dress are all part of
The keys to success in a small business are adaptability, perseverance, and hard work. However, these are three essential qualities for any endeavor.
What is a businessman's level of intelligence?
interpersonal intelligence (also known as "people savvy").
It necessitates the ability to comprehend multiple points of view, sensitivity to moods and temperaments, and efficient verbal and nonverbal communication. Interpersonal skills are especially important for entrepreneurs.
Who has an interest in business?
To have a business mind is to become a person who is aware of all the risks associated with each investment and to continuously improve your ability to solve problems.
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If my account was disabled on July 22, 2022 and I was told to wait 90 days before it can be restored. Which month and what day will that be??
Answer: October 20, 2022
Explanation:
Your starting date is July 22, 2022 so that means that 90 days later would be October 20, 2022.
If my account was disabled on July 22, 2022 and I was told to wait 90 days before it can be restored. Which month and what day will that be??
October 20, 2022
Choose the response that correctly completes the following sentence describing the tax treatment and reporting requirements for municipal bond interest
Interest income from this type of investment is:
A. federally taxable and must be reported on form 1040
B. nontaxable and does not have to be reported
C. not federally taxable but must be reported on form 1040
D. not federally taxable and only reportable on form 1040 when the amount received exceeds $1,500
Interest income from this type of investment is: Option C. not federally taxable but must be reported on form 1040.
What is municipal bond interest?These can be viewed as loans that investors give to local governments and are used to pay for infrastructure projects like parks, libraries, bridges, and highways. Municipal bonds are an appealing investment choice for people in high tax brackets because interest on them is frequently tax free.
Municipal bonds are financial securities that are issued by local or state governments to raise money for certain public projects or to simply fund continuing operations. In exchange for making a financial debt to that government, the investor will receive interest payments until the bond matures.
Therefore, Municipal bonds provide stability for your capital with low default rates, even though they may have lower interest rates than riskier investments like corporate bonds or stocks.
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a) Describe the procedures (steps), that can be followed during the process of recovering the amounts in the book debts from the time they are handed over to the administrator to the time the final amount is handed over to the official receiver
Official letter to be sent. This is not just a straightforward task, but it may also be mandated by law in amount some areas. Speak to a collection company. A debt collection service communicates with debtors by calling them, emailing them, and, if required, filing legal action. Make a legal claim.
If the client still refuses to pay, think about engaging a debt collector. Consider filing a lawsuit. To locate unpaid items, conduct a property search on the debt Personal Property Security Register (PPSR). To assist in obtaining payment, your creditor works with a collection agency amount. To repay the loan, you would only be coordinating with the collection agency.
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May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
What could of been an improvement in the book the making of a manager
An improvement in the book the making of a manager will be to tell how to hire people effectively
What is the book "The Making of a Manager" about?It is a book written by Julie Zhuo which served as a modern field guide packed with an everyday examples and transformative insights. The book entails the followings:
How to tell a great manager from an average manager (How to build trust with your reports through not being a bossWhere to look when you lose faith and lack the answersIn conclusion, when we are new to the job, leader or looking to be promoted, the handbook is the type of book that you need to be the kind of manager you wish you had.
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Customer objections can be categorized as relating to
Group of answer choices
timing and sequence.
need and sequence.
source and pitch.
product and price.
Customer objections can be categorized as relating to product and price.
What is meant by customer objections?This is the term that is used to refer to all of the concerns that a prospective consumer is going to have. This is what would have to make the person to hesitate in terms of making a purchase decision.
The reason is due to the fact that the people that buy want to be sure that the good that they are buying is a good one.
Hence the last option is the correct solution to the question that we have here.
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In which set of markets does imperfect information have the most impact in
terms of creating problems that are extremely hard to solve?
a. labor markets
b. goods and services markets
c. financial markets
d. insurance markets
A loan is made on January 19 and has a due date of October 14 during a leap year find the exact time of the loan
When a loan is made on January 19 and has a due date of October 14 during a leap year, then the exact time period of the loan in terms of number of days will be 270 days, which is roughly close to 9 months.
What is the significance of a time period?
A time period can be referred to or considered as the duration for which a loan or any monetary engagement is due and must be paid by the date of maturity, the non-payment or any delay in repayment of which will most likely result in a default.
To calculate the number of days between January 19 and October 14,
Consider 13 days of JanuaryConsider 29 days of FebruaryConsider 30 days each from June, April, and SeptemberConsider 31 days each from March, May, July, and AugustConsider 14 days of OctoberSo, it is calculated as 13+29+90+124+14=270 days
Therefore, the time period of the loan during a leap year between January 19 and October 14 will be 270 days.
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Can anyone help me with this worksheet?
Answer:
Here are the answers i found on Course Hero! Hope this helps. Have a good day! :D
Component of career planning
Answer:
The career planning process has four components:
(1) Self Assessment
(2) Career Exploration
(3) Career Identification
(4) Action Plan
Explanation:
Hope this helps! :)
Compare and contrast the three options from the perspective of customer service. Which do you believe will provide the best level of service? Why?
The three options from the perspective of customer service, when used can help provide the best level of service are:
Empathy.TactTrustWhat is the comparison between the items listed above?The capacity for trust and for being trusted is a crucial component of empathy. This is crucial to preventing bullying. People may take chances and be honest with each other when there is trust between them. There will be more sharing of facts, emotions, and ideas as trust grows.
Empathy establish connections with others, apply emotional intelligence and empathy. Truth-telling with tact means taking into account the emotions and reactions of others. It helps one to be able to send some challenging feedback, pass on private information, and others.
The Gains from the Customer Service Perspective are:
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How would you define ethics? What are three factors that might affect good ethical conduct? Conduct research and provide an explanation of why the Sarbanes-Oxley Act was created and how it relates to ethics. What are the legal liabilities of an accountant?
Ethics which can also be known as moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior.
Below you can read more about Factors that may Affect Ethics.
What is Ethical Conduct?Ethical trust defines the principles of fairness, good faith and respect consistent with laws, regulations which helps in promoting professionalism.
There are several factors that affect good ethical conduct, they include the following
Individual Factor( include knowledge level, moral values and attitudes, and personal goals)Social Factor (include cultural norms and the actions and values of coworkers and significant others)Opportunity Factor( amount of freedom to move or act that is available to behave unethically if people so choose)the Sarbanes-Oxley Act was created in response to incessant corporate fraud and failures. Its aim was to create new rules for corporations, such as setting new auditor standards.
The Legal liabilities of an accountant implies that the accountant is accountant legally liable for being negligent of fraud, even if they had no actual stake in the fraud being committed.
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