Answer:
-The period for retention could be up to 8 years depending upon the circumstances.
-The benefits and records may be called to evidence
Explanation:
In this scenario Twinte cars needs to balance internal requirement of 3 year payroll document retention period and the contract if 6 year payroll retention with the international company. Usually foreign companies have a higher retention requirement.
A way out of this predicament will be to get a new retention period of 8 years. This will satisfy requirements of the international company.
Also Twinte cars can provide benefits and records from their internal 3 year payroll retention to the international company
Answer:
$2000=Z/(1+i)^1+Z/(1+i)^2+Z/(1+i)^3
Explanation:
let Z be the annual minimum cash flow
The internal rate of approach can be used here, in other words, the rate of return at which capital outlay of $2000 is equal present values of future cash flows
In year 1, present value of cash =X/discount factor
year 1 PV=Z/(1+i)^1
year 2 PV=Z/(1+i)^2
year 3=Z/(1+i)^3
Hence,
$2000=Z/(1+i)^1+Z/(1+i)^2+Z/(1+i)^3
Solving for Z above would give the minimum annual cash flow that must be generated for the computer to worth the purchase
Assuming i, interest rate on financing is 12%=0.12
Z can be computed thus:
$2000=Z(1/(1+0.12)^1+(1/(1+0.12)^2+(1+0.12)^3)
$2000=Z*3.09497902
Z=$2000/3.09497902
Z=$646.21
Answer: $98.36
Explanation:
Based on the information that has already been given in the question, the following can be analysed:
For Loan 1:
Interest Rate = 7%
Nper = 30
Present value = $100000
With the above information, we can use the Excel calculator to solve further. To get the monthly payment for the first loan will be:
= pmt(rate, nper, pv,fv)
= pmt(7%/12,30×12,-100000,0)
= pmt(0.07/12,360,-100000,0)
= $665.30
For Loan 2:
Interest Rate = 7%
Nper = 30
Present value = $100000
Future value = $120000
With the above information, we can use the Excel calculator to solve further. To get the monthly payment for the first loan will be:
= pmt(rate, nper, pv,fv)
= pmt(7%/12,30×12,-100000,120000)
= pmt(0.07/12,360,-100000,120000)
= $566.94
The difference in the monthly payments will be:
= $665.3 - $566.94
= $98.36
Answer:
The correct answer is letter "D": R&D.
Explanation:
A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a study of a firms' inner and outer advantages and disadvantages. In the case of the Eastman Kodak Company, mostly know just by Kodak, the strength that allowed the company to keep its operations up and running after the boom of photography digitizing is the importance they gave to investing in Research and Development (R&D). Before the 90s, Kodak made millionaire investments to develop technology in thermal printing in its picture maker kiosks.
1. Several accounts were incorrectly aged in the
<span>client's aging schedule. </span>
<span>Procedures: Compare age% to prior year AR -Analytical procedures. </span>
<span>Assertion: cutoff, Valuation and allocation. </span>
<span>2. The accounts receivable turnover ratio was far below </span>
<span>expected results. </span>
<span>Procedure: AR analytical test: AR/AP, AR turnover,etc.-Analytical procedures. </span>
<span>Assertion:Completeness, cutoff. </span>
<span>3. Goods billed were not shipped. </span>
<span>Procedure: Cutoff test of billing-test the last month invoices. Vouching to the shipping doc.-Inspection of records. </span>
<span>Assertion: Occurrence, cutoff. </span>
<span>4. Some year-end sales were recorded in the wrong </span>
<span>accounting period. </span>
<span>Procedure: cut off test of billing-test invoices billed subsequent to year end.-Inspection of records </span>
<span>assertion:Completeness, cutoff </span>
<span>5. Several sales were posted for the correct amount but to </span>
<span>the wrong customers in the accounts receivable ledger. </span>
<span>Procedure: Confirmation of billings-Confirmation </span>
<span>Assertion: Occurrence. </span>
<span>6. The allowance for uncollectable accounts was </span>
<span>understated. </span>
<span>Procedures: Test the ratio of allowance to old AR and compare to PY. </span>
<span>-Analytical procedures. </span>
<span>Assertion:Valuation and allocation </span>
<span>7. Several sales were entered and posted at incorrect </span>
<span>amounts. </span>
<span>Procedures: Confirmation of AR. -Confirmation </span>
<span>Assertion: Accuracy and valuation </span>
<span>8. Mathematical errors were made in totaling the accounts </span>
<span>receivable ledger. </span>
<span>Procedures: Foot AR aging.-Recalculation </span>
<span>Assertion: Accuracy and valuation </span>
<span>9. An unrecorded sale at the </span>balance sheet<span> date was </span>
<span>collected in the next month. </span>
<span>Procedure: Post subsequent cash to AR balance at YE. Reperformance. records. </span>
<span>Assertion: Completeness, cutoff. </span>
<span>10. Several fictitious sales were recorded. </span>
<span>Procedure: Confirm customer balance.-Confirmation. </span>
<span>assertion: Occrrence. </span>
<span>11. The pledging of some customer accounts as security for </span>
<span>a loan was not reported in the balance sheet. </span>
<span>Procedure: Review security agreements.-Inspection of record. </span>
<span>Assertion: Occurrence and rights and obligations. </span>
<span>12. Some year-end cash receipts were recorded in the wrong </span>
<span>accounting period. </span>
<span>Procedure: cash cutoff testing.-Inspectionof record. </span>
<span>Assertion: cutoff, occurrence, completeness. </span>
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