1a. How does the auditor verify the existence of assets such as cash and inventory; liabilities such as notes payable?-Discuss How would the auditor verify Completeness of sales revenue?-Discuss
1b. Discuss the concept of “reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements?
In: Finance
On January 15, 2021, Concord Company enters into a contract to build custom equipment for Shamrock Company. The contract specified a delivery date of March 1. The equipment was not delivered until March 31. The contract required full payment of $75,000 30 days after delivery. The revenue for this contract should be ...?
In: Accounting
The following account balances were taken from the 2018 adjusted trial balance of the Bowler Corporation:
sales revenue, $325,000
cost of goods sold, $168,000
salaries expense, $45,000
rent expense, $20,000
depreciation expense, $30,000
and miscellaneous expense, $12,000
Prepare an income statement for 2018.
In: Accounting
A defined benefit plan is one in which
the employer promises specified payments to employees on their retirement.
the specific provisions are defined by the Internal Revenue Code.
the specific provisions are defined by the Uniform Code of Retirement Plans
the employee can specify the mix of benefits (e.g., health, pension, Insurance that will be received on retirement.
In: Accounting
A baseball team plays in a stadium that holds 66000 spectators.
With the ticket price at $11 the average attendance has been 27000.
When the price dropped to $10, the average attendance rose to
33000. Assume that attendance is linearly related to ticket
price.
What ticket price would maximize revenue?
In: Math
A firm is producing and selling some output at an average variable cost of $8 per unit and bringing in a total revenue of $400. If the firm is currently indifferent between shutting down and continuing to operate in the short run and has a total fixed cost of $600, what is the firms average total cost?
In: Economics
A profit-maximizing firm in a competitive market is currently producing 200 units of output. It has a marginal cost of $15, the average total cost of $10, and a fixed cost of $200 (a) What is its profit? (b) What is its average revenue? (c) What is its average variable cost?
In: Economics
UV Corporation reported year-end balances in the following accounts: 2018 2019 Accounts receivable $400 $600 Inventories 300 900 Accounts payable 200 800 Sales Revenue was $12,000 and cost of goods sold was $10,000 during 2019. What was the amount of cash paid to suppliers?
In: Accounting
A baseball team plays in a stadium that holds 60000 spectators.
With the ticket price at $11 the average attendence has been 25000.
When the price dropped to $9, the average attendence rose to 30000.
Assume that attendence is linearly related to ticket
price.
What ticket price would maximize revenue? $_______
In: Math
The health care organization you are an administrator for is seeing a continual drop in operating income for the last 5 years. What steps would you take to analyze the situation in order to develop a strategic plan to address the drop in operating income? Remember that operating income considers both revenue and expenses.
In: Economics