Imagine you just bought a house for $400,000 and made a 20% down payment. Find the monthly payment on the mortgage at 5% over 30 years. Then multiply the monthly payment by the total number of payments to find the total amount of payments you make to the bank in paying off the loan. Now […]
The following questions concern auditing year-end cash and financial instruments. Choose the best response. a. Which of the following controls would most likely detect a kiting scheme? (1) Preparing a bank reconciliation (2) Using a lockbox system for customer receipts (3) Comparing the details of deposit tickets and recorded remittance advices (4) Preparing a bank […]
Your client, EKB, Inc., prepared the following schedule for long-term debt for the audit of financial statements for the year ended December 31, 2019: Notes Payable Description Interest Rate Due Date 1/1/19 Beginning Balance Additions Payments 12/31/19 Ending Balance Mortgage Payable 6.25% 2025 $ 1,125,000 – $ 200,000 $ 925,000 Unsecured Notes Payable 6.00% 2027 […]
Identify five general ledger accounts that are likely to be affected by the payroll and personnel cycle in most audits. 20-2 (OBJECTIVES 20-1, 20-3) Explain the relationship between the payroll and personnel cycle and inventory valuation. 20-3 (OBJECTIVE 20-2) Distinguish among a payroll master file, a W-2 form, and a payroll tax return. Explain the […]
Did Jim and Laura Buy a Car? SCENARIO: Jim and Laura Buyer visit the local car dealership because they are interested in buying a new car. The car they currently have is aging and is starting to have mechanical problems. Jim and Laura would share the new car, and use it to go back and […]
For an ordinary annuity with five annual payments of $100 and a 10 percent interest rate, how many years will the first payment earn interest, and what will this payment’s value be at the end? Answer this same question for the fifth payment. Assume that you plan to buy a condo five years from now, […]
Module 3 Credit Card and Mortgage Worksheet Credit Cards You have a credit card with a current balance of $150. The interest rate is 13.99% and you use this card to pay your cell phone bill of $89 each month. That is now the only time you use this card. Reminders: Finance charge is found […]
MODULE 1 – T OPIC 1 Weight: This topic is worth 50 marks out of the 100 available for the Assignment. QUESTION 1 Weight: This question is worth 23 marks out of 100. On the first of May 2015 Lee and Kim borrowed $250,000 from the Eastside Bank in order to buy an apartment. The […]
Policies” Page: – 117 given in your textbook – “Principles of Macroeconomics”. A case study discusses the federal minimum-wage law. Questions: 1 Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply and-demand diagram of the market for unskilled labor, show the market wage, the number of […]
A company had cash and marketable securities worth $200,000 accounts payables worth $51,000, inventory of $1,501,500, accounts receivables of $5,288,128, short-term notes payable worth $220,000, other current liabilities of 100,000, and other current assets of $121,800. Calculate the company net working capital and describe how managers manage the firm working capital. Your parents have given […]
