As stated in the report from the Independent Auditors, the primary responsibility for a company's financial statements lies with the company's management. What is the responsibility of the auditor? Explain the two key paragraphs in an Auditor's Opinion.

Q: What is the amount of the gain or loss that carries over from 2019 to 2020?  What is the net capital…

A: It has been given the short term as well as the long term capital gains as well as the loss for all…

Q: WW Inc. Recently has had financial difficulty and is being liquidated. The firm has a liquidation…

A: Liquidation of a company can be voluntary or ordered by the court on the appeal of the stakeholders…

Q: In which cases does a taxpayer experience juridical double taxation? (give two examples). Which…

A: 1. Juridical double taxation occurs when a taxpayer is taxed twice on the same income source by two…

Q: Sisters Berhad collects its accounts receivable in 48 The firm has a net profit margin of 8.6%. On…

A: Cash conversion cycle: It is the amount of time taken by an entity to convert it's amount vested in…

Q: The following data is available for the Glitter Services Department of Butterfly Fairy Co. Sales…

A: Introduction: Departmental contribution to overhead is calculated by deducting cost of goods sold…

Q: White Water Rafting Company manufactures kayaks, which sell for $615 each. The variable costs of…

A: The variable costing assumes that only variable costs are included in the product cost. Using…

Q: B. Comment on the cash balance for August and September. C. Explain two (2) ways budgets are useful…

A: Cash budget is the budget, which is used for forecasting about the future cash inflows and cash…

Q: The management of Wy Corporation would like to investigate the possibility of basing its…

A: The overhead is applied to the production on the basis of predetermined overhead rate. The overhead…

Q: Write an essay about "The powers of cooperatives general assembly and their compensation." (minimum…

A: Cooperatives are a type of business organization that is owned and controlled by its members, who…

Q: The following data from the just completed year are taken from the accounting records of Mason…

A: Total Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…

Q: Cash Budgeting Dorothy Koehl recently leased space in the Southside Mall and opened a new business,…

A: Cash budget It is an estimation of the cash flow of a business over a specific period of time. This…

Q: A CPA’s report on prospective Financial Statements is required to include a sentence stating that…

A: Audit report represents the report prepared by an auditor that shows the opinion of the auditor on…

Q: Stro Products has no Work in Process or Finished Goods inventories at the close of business on…

A: Manufacturing overhead control 700,000 Less: Manufacturing overhead applied 648,000 U der applied…

Q: The Elberta Fruit Farm of Ontario has always hired transient workers to pick its annual cherry crop.…

A: Whenever an investment is made, many prospects are taken into consideration whether the total…

Q: On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note…

A: Given, Value of Notes receivable = P1,200,000 Interest rate = 10% Period of Notes receivable = 9…

Q: 4. The following balances were extracted from the books of Jojo Advance Marketing Company Limited on…

A: The question asked to compute the financial ratios.   Financial ratios: Financial ratios indicate…

Q: Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be…

A: The sales projection and the anticipated amount of finished goods inventory to be on hand are…

Q: Louisa is a lecturer at a public university and a single mother of three (3) children. All her…

A: A resident individual is subject to taxation on his/her income for a year and the tax liability is…

Q: Following actual cost data for March: Cost Formula Utilities $16,400 + $0.16 per machine-hour…

A: The variance is the difference between standard costs and actual costs for the production. The…

Q: Which of the following combinations results in an increase in sample size in an attribute sample?…

A: Auditor uses statistical sampling to perform test controls on large population data for quantifying…

Q: Statement 1:  The dividends paid by the subsidiary are completely eliminated from the consolidated…

A: Answer  In case of any dividend  is paid / received by holding  company  or subsidiary  between…

Q: Q1 "Accounting information is useful to anyone who makes decisions that have economic results".…

A: Accounting information is useful to a lot of users such as management,stakeholders,customers, legal…

Q: Upon acquiring a new computer operating system, management at Berryhill worried that computer virus…

A: All investments contain a few diploma of hazard. In finance, hazard refers back to the diploma of…

Q: KGM Inc. has fixed costs of $900,000. When 60,000 units are produced, the total costs (both fixed…

A: Fixed cost will remains constant. It will not change even though  their is change in production.

Q: L&M Corporation pays its employees on a graduated commission scale: 6% on the first $40,000 in…

A: Sales Commission :— It is the money earned by sales person on the basis of sales amount generated by…

Q: Discuss the need for financial information, its purpose, limitations and the main stakeholders…

A: The financial information is reported in the financial statement of the company. The financial…

Q: Which of the following statements regarding the home office deduction is true? In order to qualify…

A: As long as they comply with IRS standards and maintain appropriate records, small company owners and…

Q: 3 basic activities for the accounting

A: Cash flow statement shows the cash inflow and cash outflow of the company. It is due to the…

Q: al $11,000 to transport the machinery to its warehouse and $6,000 to train its employees on how to…

A: Answer : Cost of Machine = $300,000 + $11,000 = $311,000 Depreciation rate on machine = 15%…

Q: An associated person of a broker-dealer may only share directly or indirectly in the profit or…

A: An associated person of a broker- dealer may only share directly or indirectly in the profit or loss…

Q: Jimmy owns two parcels of real estate, Tara and Sundance. Tara is worth $125,000 and Sundance is…

A: Gross estate includes the value of all the valuable property which were owned by the person at…

Q: The service division of Martinez Industries reported the following results for 2022. Sales Variable…

A: Controllable margin: It  is the difference between sales and variable expenses.  But, controllable…

Q: Hurricane, an entity, had 1500 units of product Y at 30 June 20X8. The product had been purchased at…

A: As per International Accounting  Standards 2  in valuation of inventory  Inventory need to be valued…

Q: If a business had sales of $3,632,000 and a margin of safety of 20%, the break-even point was Oa.…

A: Breakeven is the point in the cost volume and profit analysis at which an entity is in a situation…

Q: ellcamp's Juice's Inc. manufacturers and sellls apple and orange juice. roduct line data for…

A: Lets understand the basics. For calculating total sales, we are requried to use below formula. Total…

Q: 2- The various persons for which an auditor is charged with the responsibility of communicating…

A: Answer  1) The auditor responsibilities relating to the audit report is he should be  unbiased need…

Q: You are shopping and see an item that is normally priced for $900 on sale for 45% off. However, you…

A: Given, Normal price of the item = $900, Discount on sale of item 45%, Sale price = normal price-45%…

Q: Compute for the current liabilities.

A: Current liabilities are the liabilities which a company have on the balance sheet on which the…

Q: Identify accounting arrangements and conventions used by organisations.

A: 1. Accrual Basis of Accounting: This is a method of recording financial transactions that involve…

Q: ABC company prepared a master budget based on 100 budgeted sales units with a $100 sales price per…

A: Flexible budget is prepared to analyze the profitability of the business at different levels of…

Q: Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is his…

A: The double entry for any transaction works, based on the golden rules of accounting, that reflects a…

Q: Below are the unadjusted account balances for Jasmine Inc. for March 31, 2022 Account Accounts…

A: Statement of financial position is prepared at the end of the accounting period in order to assess…

Q: This is a more difficult but informative problem. James Brodrick & Sons, Incorporated, is growing…

A: The dividend payout ratio refers to the amount that is paid as dividends to the shareholders in…

Q: The net cash flow for December is coming up incorrect.

A: Net cash flow states either the gain as well as loss of the funds over the period (after all the…

Q: 2.    Luxury Hotel is considering purchasing an existing hotel in the entertainment district. The…

A: Variable Cost (Per room per night) = $20 Fixed Cost (Per Year) = $525,000 Depreciation = Straight…

Q: the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in…

A: Answer : Cost of good sold = Inventory in the beginning + Inventory purchased - Inventory return  -…

Q: A CPA firm performing an integrated audit of a public company may issue a.   Two separate…

A: Integrated audit is the type of audit in which auditor is required to audit the financial statements…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: Material price variance is the difference between the cost estimated for the material and the cost…

Q: . Which of the following is not a typical note included in an annual report? O A. A note describing…

A: Answer  Annual report form part of  A note describing that the accounting  policies  are…

Q: 1. Lalit, Madhur and Neena were partner's sharing profits as 50%, 30% and 20% respectively. On 31st…

A: When two more entities comes together to run a business and share profit and loss among them as per…