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Answer:
balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Answer:
$35,000
Explanation:
Given that
Insurance = $700,000
Sustained cost = $40,000
Replacement cost = $1,000,000
Policy = 80%
The computation of amount eligible for payment is as shown below:-
Insurance required = Cost of building × Co insurance
=$1,000,000 × 0.80
= $800,000
The amount eligible for payment = (Insurance Carried ÷ Insurance Required) × Loss
= $700,000 ÷ ($1,000,000 × 80%) × ($40,000)
= $700,000 ÷ $800,000 × $40,000
= 0.875 × $35,000
= $35,000
Answer: $15,060
Explanation:
From the question, we are informed that Ben and Jerry were shareholders of Water Ice Inc., an S corp. On Jan. 1, 1998, Ben owned 40 shares and Jerry owned 60 shares.
We are further told that Ben sold his shares to Joe for $10,000 on March 31, 1998 and that the corp. reported a $50,000 loss at the end of 1998. The loss that will be allocated to Joe will be:
= $50,000 × 40% × 9/12
= $50,000 × 0.4 × 0.75
= $15,000
The closest figure we have close to that is $15,060 which is option B