Murphy & johnson is a privately owned manufacturer of small motors for lawn- mowers, tractors, and snowmobiles. the components of its financial statements are (1) income before taxes = $21 million, (2) total assets = $550 million, and (3) total revenues = $775 million. (a) determine overall materiality, and determine tolerable misstatement. justify your decision.(b) during the course of the audit, murphy & johnson cpa's firm detected two misstatements that aggregated to an overstatement of income of $1.25. evaluate the audit findings. justify your decision.
Answers: 3
Business, 22.06.2019 03:10
On the first day of the fiscal year, a company issues an $7,500,000, 8%, five-year bond that pays semiannual interest of $300,000 ($7,500,000 × 8% × ½), receiving cash of $7,740,000. journalize the first interest payment and the amortization of the related bond premium. round to the nearest dollar. if an amount box does not require an entry, leave it blank.
Answers: 3
Business, 22.06.2019 11:30
10. lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal. student d incorrect
Answers: 2
Business, 22.06.2019 17:30
Google started as one of many internet search engines, amazon started as an online book seller, and ebay began as a site where people could sell used personal items in auctions. these firms have grown to be so large and dominant that they are facing antitrust scrutiny from competition regulators in the us and elsewhere. did these online giants grow by fairly beating competition, or did they use unfair advantages? are there any clouds on the horizon for these firms -- could they face diseconomies of scale or diseconomies of scope as they continue to grow? if so, what factors may limit their continued growth?
Answers: 1
Business, 22.06.2019 19:10
Greenway industries is a major multinational conglomerate. its business units compete in a range of industries, including home appliances, pharmaceuticals, commercial real estate, and plastics manufacturing. although its largest business unit, which produces kitchen appliances, is among the most profitable in the industry, it generates only 35 percent of the company's revenues. which of the following is most likely true of greenway's stock price? a. it is valued at less than the sum of its individual business units. b. it is valued at greater than the sum of individual business units. c. it is valued at the exact sum of individual business units. d. it is consistently lower than the industry average.it is valued at greater than the sum of individual business units.
Answers: 1
Murphy & johnson is a privately owned manufacturer of small motors for lawn- mowers, tractors,...
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