Use the "percent of sales method" of preparing pro forma financial statements to determine the
projection for next year's cost of goods sold.
Make the following assumptions: current year's sales
are $27,800,000; current year's cost of goods sold is $17,528,000; sales are expected to rise by 30%.
What is the projection for next year's cost of goods sold?
A) $20,481,000 B) $21,459,200 C) $21,138,900 D) $22,786,400
D
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For each of the following tests, identify the assertion to which the test applies.1) Trace a sample of payroll checks to the master employee list.2) Recalculate a sample of payroll checks.3) Review supporting documentation to determine that the entity is legally obligated to pay the liability.4) Estimate sales commissions by applying commission formulas to recorded sales totals.5) Compare amounts accrued to supporting documentation, such as payroll tax returns.6) Compare payroll costs as a percentage of sales to industry data.
What will be an ideal response?
What is the best advice for answering interview questions?
A) Use the interviewer's name and title every time you answer a question to show respect. B) To be concise, answer questions with a simple yes or no whenever possible. C) Don't be afraid to reveal weaknesses because doing so will make you look human. D) Clarify vague questions when necessary.
Meister Bros. shipped 250 radiator belts to fill Braybon's order. Quality control measures had been in place in Meister's factory when the belts were manufactured. When Braybon received the order one day before it was due, it notified Meister that it rejected the belts because of a variation from the contract specifications. Meister, although it believed the original belts met the contract
specifications, notified Braybon that it would supply conforming goods within one week. When the conforming goods arrive in one week a. Braybon must accept them, but does not have to pay the full price because the contract deadline has passed. b. Braybon does not have to accept them because Meister Bros. only has one chance to fill the order correctly. c. Braybon should accept them because Meister Bros. has a right to cure even after the contract deadline under these circumstances. d. Braybon does not have to accept them because Meister Bros. failed to meet its UCC requirement to deal in good faith.
A delegation relieves the party making it of the obligation to perform.
Answer the following statement true (T) or false (F)