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Lucia works as an accountant for a motor vehicle engine parts manufacturer called Vroom Ltd, owned by an international car firm. Her manager, Freda Chuse, is paid a bonus depending on the profitability of the company. If Vroom Ltd makes $1 million profit, Freda receives a bonus of $20 000 that increases progressively to $30 000 for a $3 million profit. If the profit of Vroom Ltd exceeds $3 million, Freda receives the maximum bonus of $30 000. Vroom Ltd currently receives a grant from the government of $100 000 per year to employ and train apprentice mechanics. At the end of May, it appears that Vroom Ltd will make a profit of approximately $3.5 million for the year ending 30 June 2016. Freda approached Lucia and said that if the company made too much profit then the government may stop paying Vroom Ltd the grant for training apprentice mechanics, and it would lose the $100 000 tax-free cash inflow. Freda instructed Lucia to find ways of deferring recognition of as much revenue as possible until the following financial year, for which the forecasts for the industry were quite poor, and to accrue as many expenses as possible at the end of the current accounting period when it came to making the end-of-period adjustments. Although Lucia was not happy with this instruction, she did not want to risk her own opportunities for promotion by upsetting her manager.
When concluding on an audit related service engagement. What level of assurance, if any, will be provided on the work performed?
Your company has spent $260,000 on research to develop a new computer game. The firm is planning to spend $46,000 on a machine to produce the new game. Shipping and installation costs of the machine will be capitalized and depreciated; they total $5,..
Which one control to use in relation to accounts receivable is? Which One of several indexes that reflects the solvency or long-term health of an organization?
The company is planning a 1:5 rights issue at a 10% discount relative to the current market price. Calculate the price of the right
Under what circumstances do we accept the null hypothesis? When the test-statistic is close to 1 and the p-value is close to 0. / When p-value is close to 1.
Simon Company needs to accumulate $200,000 to repay bonds due in six years. Will Simon have enough money saved at the end
Boboy Company manufactures fishing rods. At the beginning of July, What is the cost of the direct materials used in production during July?
Do your answers above depend on the time frame? In other words, do some parties stand to gain initially but lose in the long run? If so, explain how.
Prepare a schedule that shows the division of the first year profit to each partner. Tanya invested $50,000 and Jill invested $40,000 in a partnership
Compute Johnson's return on capital. Johnson was one of the passengers of a van that fell off a ravine. Henson sued the bus company
Estimate WACC for Verizon if the cost of equity is 13.32% and cost of debt is 5%. (note: WACC = cost of debt (1 - tax rate) (weight Debt)
Which of accounts is not closed during the closing process? Which could not possibly be a closing entry? Debit Income Summary and credit Owner's Capital
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