Answer:
$252,000
Explanation:
Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.
First step is to calculate the Net Purchase
Purchases 259,000
Less Purchase discounts (7,900)
Less Purchase returns (11,900)
Add Freight-in 20,800
Net purchase 260,000
Now let calculate the cost of goods sold
Inventory, 7/1/2020 33,900
Add 260,000
Less inventory balance ($41,900)
Cost of goods sold $252,000
Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000
No, because 100,000 is much greater than the values used in the experiment
Explanation:
The advertisement budget is an estimation of the company's commercial spending for a specified amount of time. More specifically, it is the capital that a organisation is able to put aside to accomplish its marketing goals.
In developing an advertisement budget, a corporation must balance the importance of the promotional dollar against the value of the dollar as known revenue.
Better promotional budgets — and campaigns — focus on consumers' desires and address their challenges, not on business concerns such as overstock elimination.
Answer:
True
Explanation:
Current and Quick ratio shows the liquidity position of the company. It shows that how much assets are available to company to pay off its liabilities if it becomes due in short period of time. High current and quick ratio make the company strong and it will have enough asset to deal with its obligation than with low current and quick ratio.
Answer: a. Controlling
Explanation:
The Controlling function in management is meant to ensure that employees in a company are acting in a manner that abides by the standards of the company or organization in question.
It works by managers ensuring that they check that employees are acting in the way they are to act and if they are not, corrective action must be meted out to stop the behavior.
The Secret Service had some embarrassing moments in 2015 with some agents being found drunk on a trip to Europe where they were assigned to President Obama's detail. Had supervisors been making sure that subordinates acted in a manner befitting of the secret service, the acts would have had a significantly less chance of happening.
Answer: An effective Internal Control
Auditors must evaluate internal controls
Auditor's work overseen by Public Accounting Board
Explanation:
The early part of the 21st century saw shocking financially improper activities by companies such as WorldCom and Enron exposed to the world. Investor Confidence was shaken and the government needed to do something to restore it.
This was why in 2002, the US Congress passed the Sarbanes-Oxley act that aimed to ensure that the actions of those companies were never repeated.
The act requires the following;
a) An effective Internal Control
The act requires that companies enact very effective Internal controls to detect financial irregularities and even went forward to make it the responsibility of the Top Executives to ensure that this is so.
b) Auditors must Evaluate Internal Controls.
Auditors had to change their auditing strategies that were deemed inefficient. They are now required to properly evaluate in-depth, the internal controls that a company adopts to be able to give an opinion on it and they do this based on the guidelines of the Public Accounting Board.
c) Auditor's work overseen by Public Accounting Board
The Public Company Accounting Oversight Board (PCAOB) was established by the Sarbanes-Oxley Act with it's main purpose being to monitor and oversee auditors as they audit companies so that they may protect the public from false financial information. They set rules and standards that Auditors must follow and these rules in turn have to be approved by the Securities and Exchanges Commission (SEC).
