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19 Nov
2020

1. For each of the following independent procedures, indicate the management assertionsTwo answers being…

Category:ACADEMICIAN

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1. For each of the following independent procedures, indicate the management assertionsTwo answers being tested. are required for each below. a. Examining large sales invoices for one week prior and one week after year end to determine if sales are recorded in the proper period. ____________________ and ______________________b. Performing test counts of the inventory at year end.____________________ and ______________________ c. Sending AR confirmation letters to customers____________________ and ______________________2. CPA’s must also demonstrate they can be objective by remaining independent of any potentially conflicting interests, and must maintain independence In __________________and also independence in __________________________to outsiders Fill in the blanks. 3. If an auditor is not independent, can he/she conduct the audit in accordance with GAAS?
The FASB issues new standards on accounting. The implementation date is usually a year from the date of issuance with
The FASB issues new standards on accounting. The implementation date is usually a year from the date of issuance with early implementation encouraged. Jane Durham, chief accountant is discussing implementing this new standard as soon as possible. The CFO however realizes that an early implementation will have a negative effect on the firm’s net income for the year. The CFO discourages the chief Accountant from implementing the standard until the required date. Is the CFO’s action proper? Why or why not? Is there an ethical issue involved? If so how?
ntries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant
ntries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:May 24 Sold merchandise on account to Old Town Cafe, $15,500. The cost of goods sold was $11,200.Sept. 30 Received $3,100 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible.Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $12,400 cash in full payment.If an amount box does not require an entry, leave it blank.May 24-sale May 24-cost Sept. 30 Dec. 7-reinstate Dec. 7-collection
7: Calder Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations:
Question 7: Calder Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations: Variable cost per unit: Direct materials $92Fixed costs per year: Direct labor $720,000Fixed manufacturing overhead $3,264,000Fixed selling and administrative $1,935,000The company doesn’t have any variable manufacturing overhead costs or variable selling and administrative costs. During its first year of operations, the company produced 48,000 units and sold 45,000 units. The company’s only product sells for $258 per unit.Required:What is the net operating income?
Mary invested $500. She received two payments of $100 and then sold her stake in the investment for $400. What
Accounting Assignment Writing ServiceMary invested $500. She received two payments of $100 and then sold her stake in the investment for $400. What was her rate of return? b) An investment has a 10% chance of returning 20%, a 70% chance of returning 10%, and a 20% chance of returning nothing. What is the expected rate of return?
Mouret Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products.Activity Cost Pools Activity
Mouret Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products.Activity Cost Pools Activity RateSetting up batches $92.68 per batchProcessing customer orders $95.08 per customer orderAssembling products $3.41 per assembly hourLast year, Product N79A required 28 batches, 6 customer orders, and 712 assembly hours.Required:How much total overhead cost would be assigned to Product N79A using the company’s activity-based costing system?
Cash ReceiptsThe sales budget for Perrier Inc. is forecasted as follows: MonthSales RevenueMay$100,000June170,000July180,000August120,000 To make a cash budget, the company
Cash ReceiptsThe sales budget for Perrier Inc. is forecasted as follows: MonthSales RevenueMay$100,000June170,000July180,000August120,000 To make a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales:60 percent in the month of sale.20 percent in the month following sale.15 percent in the second month following sale.5 percent uncollectible.The company gives a 1 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $27,000, of which $6,000 represents uncollected March sales and $21,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections.Perrier, Inc.Schedule of Budgeted Cash CollectionsQuarterly by MonthsMayJuneJulyTotalTotal Cash receipts:AnswerAnswerAnswerAnswer
Deposits and Investmentsafter distribution Investments tenureWeights 1. In the year 2019, Ummah Bank earned annual profit attributable to Unrestricted Mudharabah
Deposits and Investmentsafter distribution Investments tenureWeights 1. In the year 2019, Ummah Bank earned annual profit attributable to Unrestricted Mudharabah account of profit to the bank amounting to $13,200,000. Depositors’ profit sharing ratio is 70% and Bank is 30%. The following is information pertaining to deposit types, average balance and the weight used for mudharabah deposit account for the bank in the year 2019. Average balance $ 6 months and less 10,000,000 0.60 9 months and less 25,000,000 0.90 12 months and less 40,000,000 1.00 More than 12 months 25,000,000 1.25 Three Investors/Depositors: Zayd $500,000 investment placement for 9 months Aisyah $250,000 investment placement for more than 12 months Izzah $1,200,000 investment placement for 6 months Determine the Weighted Average Balance, Investor’s share of profit and investors Rate of Return for Zayd, Aisyah and Izzah for the year 2019.

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