The client did not furnish adequate evidence for the auditor to evaluate the internal controls over inventory. All other evidence was provided.
When conducting an audit, one of the key areas of focus is evaluating the internal controls of the audited entity. Internal controls are processes and procedures implemented by the entity to ensure the reliability of financial reporting, safeguard assets, and promote operational efficiency.
In the case mentioned, the client did not provide sufficient evidence for the auditor to assess the internal controls specifically related to inventory. This means that the auditor was unable to obtain the necessary documentation or perform the required testing to evaluate the effectiveness of the controls in place for inventory management.
While the auditor may have received and reviewed other evidence related to different aspects of the audit, the lack of adequate evidence for assessing internal controls over inventory is a significant limitation. Without this evidence, the auditor may have difficulty gaining assurance regarding the accuracy and completeness of inventory records, the existence of proper segregation of duties, and the effectiveness of controls to prevent and detect inventory misstatements or irregularities.
The inability to evaluate internal controls over inventory due to inadequate evidence poses a risk to the overall audit process. The auditor should communicate this limitation to the client and consider alternative procedures or request additional documentation to address the deficiency. It is important for the auditor to have sufficient evidence to form an opinion on the reliability of the financial statements and the effectiveness of internal controls.
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what does contingent mean on a real estate listing
Answer:
Contingent means "depending on certain circumstances." If a house is listed as contingent in real estate it means that an offer has been made and accepted, but before the deal is complete some additional criteria must be met.
Explanation:
Hope this helps! (I just looked it up) Good luck!!
A company has issued preferred stock with an annual dividend of $2.28 that will be paid in perpetuity. The current price of the stock is $43.52. What is the expected rate of return on the preferred stock? Enter your answer as a percentage. Do not include the percentage sign in your answer. Enter your response below rounded to 2 DECIMAL PLACES.
The expected rate of return on the preferred stock is 5.24%.
Given that a company has issued preferred stock with an annual dividend of $2.28 that will be paid in perpetuity and the current price of the stock is $43.52.
To find the expected rate of return on the preferred stock, we will use the formula,
Expected rate of return = Annual dividend / Current price of the stock
Expected rate of return = 2.28 / 43.52 = 0.05242466
Expected rate of return = 0.05242466 = 5.24% (rounded to 2 decimal places)
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Kinkaid Co. Was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Credit Debit 270,000 a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 240,000 30,000 b. 180,000 Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 127,000 53,000 44,500 17,000 82,800 Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 59,800 54,500 30,000 d. 133,000 Cash Common stock. S25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 76,000 57,000
The total amount of stockholders' equity impacted by these journal entries is $0.
What is the total amount of stockholders equity impacted by the journal entriesTo determine the total amount of stockholders' equity impacted by the journal entries, we need to calculate the net effect of the credits and debits for each entry. Here's the breakdown:
a. General Journal
Credit: $270,000 (Cash)
Debit: $240,000 (Common Stock, $25 Par Value) + $30,000 (Paid-In Capital in Excess of Par Value, Common Stock)
Net Effect: $0
b.
Credit: $180,000 (Organization Expenses)
Debit: $127,000 (Common Stock, $25 Par Value) + $53,000 (Paid-In Capital in Excess of Par Value, Common Stock)
Net Effect: $0
c.
No impact on stockholders' equity is indicated in this entry.
d.
Credit: $133,000 (Cash)
Debit: $76,000 (Common Stock, $25 Par Value) + $57,000 (Paid-In Capital in Excess of Par Value, Common Stock)
Net Effect: $0
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In addition to paying $100 per month for health insurance. Jaine is responsible for paying her first $500 of medical bill every year before her insurance covers any coast. The $500 Jaine must pay is called the
Answer:
It is called a co-pay.
Explanation:
"A copay is a fixed out-of-pocket amount paid by an insured for covered services." - https://www.investopedia.com
istp
1.Use the results of your personality test and write an essay.
2.Based on the test results write an essay describing your personality, learning style, and communication skills.
3. Post your essay on the "Question" page. Respond to all posts to your essay.
please pwede nyo ba sagutan due date na kasi Yan bucks please
Answer:
As an ISTP, I am characterized as a practical and logical person who enjoys solving problems and engaging in physical activities. I prefer to work independently and focus on the task at hand rather than engaging in social interactions.
My learning style is hands-on and experiential. I prefer to learn by doing rather than reading or listening to lectures. I thrive in situations where I can apply my knowledge and skills to solve real-world problems. I am good at analyzing complex situations and breaking them down into manageable parts.
When it comes to communication skills, I tend to be concise and to the point. I don't like to waste time on small talk and prefer direct communication. I am a good listener and pay attention to details. However, I may come across as aloof or detached in social situations, which can be misinterpreted by others.
As an ISTP, I have several strengths that I bring to any team or group. I am dependable, practical, and resourceful. I enjoy taking on challenges and coming up with creative solutions to problems. I am adaptable and can work in a variety of settings and situations.
However, there are also some weaknesses that I need to be aware of. I can sometimes come across as insensitive or indifferent to others' feelings, which can lead to misunderstandings and conflicts. I also have a tendency to procrastinate and avoid tasks that I find uninteresting or challenging.
To improve my communication skills, I can work on being more expressive and open with my thoughts and feelings. I can also try to be more patient and understanding with others, even if their communication styles differ from my own. To improve my learning style, I can seek out more opportunities for hands-on experience and experimentation, and try to engage with different learning materials to broaden my knowledge.
Overall, as an ISTP, I am a problem-solver who prefers practical solutions and hands-on experiences. While my communication style may come across as aloof, I am a good listener and pay attention to details. By being aware of my strengths and weaknesses, I can work to improve my skills and become a more effective member of any team or group.
Explanation:
Susan Marciano irvested part of hee $26,000 bonus in a fund that poid a 12% proff and irvested the test in stock that suffered a 4% loss. Fnd the amount of each iaventment if her overal net profit was $400. The amount investod of 12% \& \& The amount levested in stock is 5
The amount invested at 12% is $5,000, and the amount invested in stocks is $21,000.
Susan Marciano received a $26,000 bonus and decided to invest part of it at a 12% profit rate and the remaining amount in stocks, which suffered a 4% loss. Let's assume x represents the amount invested at a 12% profit and y represents the amount invested in stocks.
Since the overall net profit was $400, we can set up the following equation based on the profits and losses:
0.12x - 0.04y = $400.
In addition, we know that the total amount invested is $26,000, which gives us the second equation:
x + y = $26,000.
Solving these equations simultaneously, we find that x = $17,000 and y = $9,000. Therefore, Susan invested $17,000 at a 12% profit rate and $9,000 in stocks that suffered a 4% loss.
In summary, the amount invested at a 12% profit rate is $17,000, while the amount invested in stocks is $9,000. This allocation resulted in an overall net profit of $400.
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Which of the following risk-return statements is true? Group of answer choices Higher returns mean greater risk. Liquidity and return move up and down together. Higher risk is associated with higher liquidity. Lower risks are associated with less liquid assets.
The true statement about the following risk-return option is that a higher returns mean greater risk.
What is a risk return?As associated with investment risk, its involves the notion that the higher the risk, the higher the return on an investment and vice versa.
Hence, the true statement about the following risk-return option is that a higher returns mean greater risk.
Therefore, the Option A is correct.
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5.
An efficient economy is one that
Ouses its resources to make the most goods and services.
Ohas very few people who do not work for a living.
Omake it possible to increase an economy's output.
Omakes the best use of all its goods and services.
I
On September 12, Vander Company sold merchandise in the amount of $6,000 to Jepson Company, with credit terms of 4/10, n/30. The cost of the items sold is $4,200. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are):
Answer and Explanation:
The journal entry is shown below:
Accounts receivables Dr $6,000
To Sales $6,000
(To record sales on account)
Here account receivable is debited as it increased the assets and credited the sales as it also increased the sales revenue
Therefore the above journal entry should be recorded
what are the services that are rendered to the wholesalers by the retailers?
Question 5 of 10
One example of a short-term savings strategy is:
A. a free checking account.
B. an employer-sponsored 401(k) plan.
C. a low-interest bank account.
D. a high-risk stock market investment.
SUBMIT
Answer:
A. a free checking account.
Explanation:
Saving involves putting money aside in a safe place for future use. Banks and financial institutions offer saving accounts as safe and secure platforms for firms and individuals to save.
A checking account is among the types of savings accounts offered by financial institutions. This type of savings account allows customers to save money that they do not wish to spend immediately. A checking account is risk-free and, therefore, a good strategy for short term saving.
Answer:
a low-interest bank account.
Explanation:
i got this right
TRUE OR FALSE: A mathematics professor at a university would fall under both the Education and Training career cluster and the STEM career cluster.
Mary loves to collect stickers. She has 7 sticker books. Each book has 87 stickers. What is a reasonable estimate for the total number of stickers? PLEASE I NEED HELP
Based on the number of sticker books that Mary has, a reasonable estimate for the total number of stickers is 609 stickers
How many stickers in total?There are 7 books for stickers that Mary has to collect the stickers she loves.
Each of the books holds around 87 stickers. The total number of stickers that Mary has as a reasonable estimate is:
= Number of sticker books x Number of stickers per book
Solving gives:
= 7 x 87
= 609 stickers
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Which of the following statements are true regarding exponential smoothing and moving averages?
a.Moving averages uses past values of a time series and exponential smoothing uses future values of a time series.
b.Trend and seasonality can be present in the time series.
c.Moving averages looks at values for n number of periods and exponential smoothing looks at values for all periods.
d.Exponential smoothing gives more weight to the older observation and less weight to the recent observation.
"The principle stating that asset and liability measurements should be based on the amount given or received in the original transaction is referred to as the"
Answer:
Historical cost
Explanation:
historical cost can be defined as the measure of value used in accounting and that is the value of an asset on a balance sheet.
Historical cost is used for assets that are fixed in the United states of America. Cheers
In which market would a producer sell bicycles to consumers?
In the markets for goods and services, a producer would sell his bike for purchase by customers.
What is the market for goods and services?Consumers buy consumables on the products and services market, and firms sell their commodities there. The market encompasses physical stores, the Internet, and any other location where consumers can exchange products and services.
The trading of finished goods takes place here. Businesses receive payment from customers in exchange for goods. The consumer gives money to the business in a flow. In contrast to this, enterprises can buy the materials they need on the factor market to make an item.
The rule of supply and demand governs how much is produced and at what price in the market for products and services.
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the fourth industrial revolution is where advances in _______ are radically shifting the way we work, live, learn, and interact with each other.
The fourth industrial revolution is where advances in technology are radically shifting the way we work, live, learn, and interact with each other.
So, the correct answer is technology.
We are at the start of the Fourth Industrial Revolution, a new period that expands and builds on the effects of digitization in novel and unexpected ways. Technologies are emerging and having an impact on our lives in ways that suggest this is the case. Therefore, it is important to take some time to think about the specific changes we are going through and how we can ensure that they benefit the majority rather than a select few, both collectively and individually.
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Help me and I will give you 30 Brainliest if your answer is correct.
"Jamie is not sure exactly what career to pursue but when she learned about the Human Services cluster, something spoke to her. Which types of career pathways are available to Jamie? Pick a career from each path and explain what it involves and where she might work if she had that job."
One of the careers from the Human Services Cluster that Jamie can consider looking at is Career Counselling.
What are Human Services Clusters?Human needs are met via activities such as counseling and mental health programs, family and neighborhood services, personal care, and consumer services in the Human Services profession cluster.
Given that Jamie herself struggled with making this choice, she should find a purpose in Career Counselling. The career pathway to becoming a career counselor is given as follows:
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Company a has beanbag chairs and large tables instead of traditional office furniture. employees are encouraged to play games with each other and think outside of the box. working together is highly valued. company b employees wear suits and ties. there is a formal meeting every morning led by the president of the company. employees are given tasks and expected to complete them on time. employees work alone instead of on teams. the companies described above are very different when it comes to which characteristic of an organization? a. division of labor b. culture c. rules
The comparisons above mentioned are very different in reference to the cultural characteristic of an organization (Option b).
What is culture organization?The expression 'culture organization' makes reference to the methods and strategies based on shared assumptions.
This characteristic (culture organization) may shape decisions in a given company.In conclusion, the comparisons above mentioned are very different in reference to the cultural characteristic of an organization (Option b).
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Post-Assessment
Question 2 of 5
Why is buying a car considered "bad debt"?
It decreases in value over time
It increases your net worth as it build equity
It gives you transportation to and from your job
It is worth more than any other investment
Submit
Continue
E
The reason why buying a car considered "bad debt"is that It decreases in value over time. option A
What is bad debt?The term bad debt can be described as the amount of money that a creditor must write off as a result of a default on the part of the debtor in a case whereby the creditor has a bad debt on the books, then things turn to uncollectible and is recorded as a charge-off.
It should be noted that a case can be regarded as bad debt because the value of the asset you receive from the loan depreciates quickly however in some cases interest charges increase how the amount that is been paid for the vehicle. and in thius case cost is higher compare to what it would be if you'd purchased the car outright with cash.
Hence, option A is correct.
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why is market development necessary ?
Depreciation is recorded on the income statement as _____.
A. a revenue that reduces net income
B. an expense that reduces net income
C. a revenue that increases net income
D. an expense that increases net income
It should be noted that depreciation is recorded on the income statement as a revenue that reduces net income.
What is depreciation?Depreciation can be regarded as the diminution in the utility as well as the value that is been associated to an asset.
These fixed assets could be;
buildings furnitureoffice equipmentmachineryTherefore, option A is correct because depreciation is recorded on the income statement.
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Answer: Depreciation is an expense that decreases net income.
Explanation: Depreciation is an expense — that’s the whole point of it, it’s taking out your cost for a large expense that you use for multiple years over the lifetime of that asset, rather than all in one year. So it’s always an expense.
Any expense decreases your net income.
QED.
Which of the following decisions is most likely to create a temporary diseconomy of
scale? (Select the best answer.)
A)Buying supplies in bulk
B)Buying an expensive piece of machinery
C)Hiring employees who specialize
D)Using division of labor
Answer:
Buying an expensive piece of machinery
Explanation:
tangshan china's stock is currently selling for $160.00 per share and the firm's dividends are expected to grow at 5 percent indefinitely. assuming tangshan china's most recent dividend was $5.50, what is the required rate of return on tangshan's stock?
The rate of return on China's stock is 8.44% if its stock is directly selling for $160.00 per claim and the firm's dividends are predicted to increase at 5%.
Stock price = $160.00 per share
Growth rate = 5%
Dividend rate = $5.50
The required rate of return is the lowest amount of earnings as a return an investor will desire or accept for taking the chance of financing in stock or another type of firm.
To calculate the required rate of return, we need to use the formula,
r = (D / P) + g
r = ($5.50 / $160.00) + 0.05
r = 0.0344 + 0.05
r = 0.084
r = 8.44%
Therefore, we can conclude that the required rate of return on Tangshan China's stock is 8.44%.
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Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect the.
In the market for personal computers, we would expect the Equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.
What is equilibrium quantity?When there is no shortage or surplus of a product on the market, it is said to be in equilibrium quantity. When supply and demand meet, the amount of an item that consumers want to buy equals the amount supplied by its producers.The equilibrium price is the only price at which consumers' and producers' plans coincide—that is, the amount consumers want to buy of the product, quantity demanded, equals the amount producers want to sell, quantity supplied. Assume there is an increase in both supply and demand for personal computers. The Equilibrium quantity would then rise in the market for personal computers, while the change in the equilibrium price would be ambiguous.Therefore, in the market for personal computers, we would expect the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.
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The correct question is given below:
Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect the Equilibrium quantity to ______ and the change in the equilibrium price to be __________
During your meeting with your client, Hayden Doyle, you recommended he purchase a personal liability umbrella policy (PLUP). Which part of the financial planning process were you engaged in?
Answer:
b. Develop and present financial planning recommendations.
Explanation:
Since in the question it is mentioned that there is a recommendation for buying a personal liability with respect to the umbrella policy so in the steps of the financial planning process, the step that should be considered is to develop & present the recommendation with regard to the financial planning as the financial planning is important than can save your future
hence, the correct option is B.
Question 1 of 10
The primary remedy for a tort is
A. monetary compensation
B. imprisonment
C. arrest
D. defamation
Answer:
A. monetary compensation
Explanation:
The main remedy against tortious loss is compensation in damages or money. In a limited range of cases, tort law will tolerate self-help, such as reasonable force to expel a trespasser. This is a defense against the tort of battery.
Hope this helped!!!!
The table below lists the CPI values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to 2 decimal places. Year Average Nominal Wage (dollars) CPI (hundredths) Average Real Wage (dollars) 1967 $7,077 0.334 $ 1977 13,579 0.606 1987 26,055 1.136 1997 37,177 1.605 2007 49,698 2.073 2013 52,322 2.330 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in . c. Of the years listed above, the purchasing power of the average worker was highest in .
The Real income in 1967: $21,169.16, Real income in 1977: $22,407.26, Real income in 1987: $22,918.85, Real income in 1997: $23,130.84, Real income in 2007: $23,952.84, Real income in 2013: $22,487.54. The paycheck of the average worker was highest in 2007, while the purchasing power of the average worker was highest in 1967.
To compute the real income for each year, you need to divide the average nominal wage by the CPI and round the result to two decimal places. Here are the calculations:
a. Real income calculations:
For 1967: $7,077 / 0.334 = $21,169.16
For 1977: $13,579 / 0.606 = $22,407.26
For 1987: $26,055 / 1.136 = $22,918.85
For 1997: $37,177 / 1.605 = $23,130.84
For 2007: $49,698 / 2.073 = $23,952.84
For 2013: $52,322 / 2.33 = $22,487.54
b. The paycheck of the average worker was highest in 2007.
c. The purchasing power of the average worker was highest in 1967.
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The cost of rebuilding the San Francisco Bay Bridge to make it earthquake-safe was approximately $3 billion in 2020. At the time, ?cost of a delay in terms of dollars in 2020 engineers estimated that if the project were delayed to 2021, the cost would rise by 8%. If the interest rate were 2%, what would be the cost of delay in terms of dollars in 2020? a) $235 million b) $220 million c) $176 million
If the interest rate were 2%, $176 million, would be the cost of delay in terms of dollars in 2020. Thus, option (c) is correct.
Given information:
Interest rate = 2%$3 billion in 2020cost would rise by 8%the interest rate were 2%Cost of rebuilding in 2021 = Cost of rebuilding in 2020 x (1 + 8%)
Cost of rebuilding in 2021 = 3 × (1.08)
Cost of rebuilding in 2021 = 3.24
Present value = Cost of delay / (1 + interest rate)
Present value = 3.24 / 1.02
Present value = 3.176
Cost of delay = Cost of rebuilding in 2021 - Cost of rebuilding in 2020
Cost of delay = 3.176 - 3
Cost of delay = $176
Therefore, option (c) is correct.
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revenues are $12,466 in year 1 and $17,928 in year 2. the days accounts receivable outstanding at the end of year 2 is a. 427 days. b. 51 days. c. 43 days. d. 34 days.
The days accounts receivable outstanding at the end of year 2 is approximately 43 days (option c).
The days accounts receivable outstanding at the end of Year 2 can be calculated using the following formula:
Days Accounts Receivable Outstanding = (Accounts Receivable / Average Daily Sales)
To calculate the average daily sales, we need to find the average of the revenues in Year 1 and Year 2.
Average Daily Sales = (Revenues in Year 1 + Revenues in Year 2) / 2
Let's calculate the average daily sales first:
Average Daily Sales = ($12,466 + $17,928) / 2
Average Daily Sales = $30,394 / 2
Average Daily Sales = $15,197
Finally, we can substitute the values into the formula:
Days Accounts Receivable Outstanding = Accounts Receivable / Average Daily Sales
Days Accounts Receivable Outstanding = $15197 / $49.07
Days Accounts Receivable Outstanding ≈ 43 days
The correct option is c.
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