An audit of the Flagler Company, a diamond mining company, brings to light the fact that its equipment has been marked up to the owners' expectation of market values. Such a situation will most likely result in which type of report?
a. Disclaimer.
b. Review.
c. Adverse.
d. Unqualified with explanatory language.
c
You might also like to view...
An account you would not expect to find under the heading of "Current Assets" in a chart of accounts is
a. Merchandise Inventory; b. Accounts Receivable; c. Cash; d. Supplies; e. Purchases.
For each of the following separate cases, use the information provided to calculate the missing cash inflow or cash outflow using the direct method.(a)Accounts receivable balances:?? Beginning of year $ 60,000? End of year 63,000?Sales revenue (all on credit) 395,000?Cash received from customers $______???(b)Accounts payable balances:?? Beginning of year $ 42,000? End of year31,000?Merchandise inventory balances:?? Beginning of year 50,000? End of year 52,500?Cost of goods sold250,000?Cash paid for merchandise inventory $ ______???(c)Interest payable balances:?? Beginning of year $ 7,500? End of year 8,200?Interest expense 31,000?Cash paid for interest $ ______
What will be an ideal response?
The costs of selling goods or rendering services used in the process of earning revenues are called:
a. expenses. b. assets. c. profits. d. liabilities.
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units:Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion.Units started and completed: 110,000.Units completed and transferred out: 135,000.Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs:Costs in beginning Work in Process - Direct Materials: $43,000.Costs in beginning Work in Process - Conversion: $48,850.Costs incurred in February - Direct Materials: $287,000.Costs incurred in February - Conversion: $599,150. Calculate the equivalent units of conversion.
A. 144,000 B. 140,000 C. 110,000 D. 165,000 E. 130,250