Option (d) is required option. As tax avoidance planning is not an example of audit-related fee.
What is annual proxy statement and audit related fee?The Securities and Exchange Commission (SEC) mandates businesses to present shareholders with information in a proxy statement so they can make educated decisions regarding issues that will be discussed at an annual or special stockholder meeting. The topics covered in a proxy statement may include suggestions for new directors to be added to the board, details on the compensation of directors, details on bonus and option programs for directors, and any management statements.
The total costs charged by our principal auditors for assurance and related services during each of the fiscal years stated that are reasonably relevant to the execution of the audit or review of our financial statements but are not shown under "Audit fees" are referred to as "Audit-Related Fees."
Tax avoidance planning services is not an example of an audit-related fee required to be included in the audit-related fees category related to fees disclosed in the annual proxy statement.
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Income Statement with Variances Alvarado Company produces a product that requires 3.0 standard pounds per unit at a standard price of $6.00 per pound. The company used 23,900 pounds to produce 8,000 units, which were purchased at $6.20 per pound. Each unit requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. For the 8,000 units produced, 60,200 hours were needed and employees were paid an hourly rate of $21.95 per hour. The company uses a standard variable overhead cost per unit of $1.45 per direct labor hour. Actual variable factory overhead was $85,900. The company uses a standard fixed overhead cost per unit of $2.00 per direct labor hour at 55,000 hours, which is 100% of normal capacity. Prepare an income statement through gross profit for Alvarado Company for the month ended March 31. Assume Alvarado sold 8,000 units at $250 per unit. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Alvarado Company Income Statement Through Gross Profit For the Month Ended March 31 Line Item Description Amount Unfavorable Amount Favorable
The preparation of an income statement through gross profit for Alvarado Company for the month ended March 31 is as follows:
Alvarado Company
Income Statement Through Gross ProfitFor the Month Ended March 31
Sales $2,000,000
Cost of goods sold at standard 1,701,000
Gross profit-at standard $299,000
Variances from standard cost:
Direct materials price $4,780 Favorable
Direct materials quantity -600 Unfavorable
Direct labor rate 33,110 Favorable
Direct labor time -4,500 Unfavorable
Factory overhead controllable -1,100 Unfavorable
Factory overhead volume -10,000 Unfavorable
Net variances from standard costs = $21,690 Favorable
Actual gross profit = $320,690
What is cost variance?Cost variance refers to the computed difference between the standard cost and the actual cost.
The price variance and quantity variance make up the total cost variance.
Production costs consist of direct materials and labor, and variable and fixed costs.
Standard Actual
Pounds per unit 3.0 2.9875 (23,900/8,000)
Direct Materials 24,000 23,900 pounds
Material price per pound $6.00 $6.20
Direct materials cost $144,000 $148,180
Direct labor hours per unit 7.5 7.525 (60,200 ÷ 8,000)
Hourly rate $22.50 $21.95
Variable overhead cost $1.45 $1.4269 ($85,900 ÷ 60,200)
Total variable overhead $87,290 $85,900
Fixed overhead cost $2.00
Fixed overhead direct hours 55,000 60,200
Total fixed overhead costs $110,000 $
Sales revenue = $2,000,000 ($250 x 8,000)
Variances from standard cost:Direct materials price $4,780 ($6.00 - $6.20 x 23,900)
Direct materials quantity -600 (24,000 - 23,900 x $6)
Direct labor rate 33,110 ($22.50 - $21.95 x 60,200)
Direct labor time -4,500 [(60,000 - 60,200) x $22.50]
Factory overhead controllable -1,100 ($1.45 x 60,000 - $85,900)
Factory overhead volume -10,000 [(55,000 - 60,000) x $2]
Net variances from standard costs = $21,690
Gross profit = $320,690 ($299,000 + $21,690)
Cost of goods sold:Direct materials $144,000 ($6.00 x 24,000)
Direct labor 1,350,000 ($22.50 x 60,000)
Variable overhead 87,000 (60,000 x $1,45)
Fixed overhead 120,000 (60,000 x $2)
Cost of goods sold $1,701,000
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Which of the following is not a major barrier to entry into an industry?
a. Unfair competition
b. Diminishing marginal returns
c. Patents
d. Economies of scale
Diminishing marginal returns is not a major barrier to entry into an industry.
An economic theory known as the rule of declining marginal returns states that once an optimal level of capacity is reached, adding more factors of production will really only lead to smaller improvements in output.The rate of return for a marginal increase in investment is known as the mergical return; essentially speaking, this is the extra output that results from using a variable input one unit more while using other inputs at the same level.When production levels decrease as a result of raising one unit of production while holding all other variables constant, this is known as diminishing marginal returns. In other words, efficiency in production starts to decline.
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to determine wage rates and/or pay grades, organizations with formal systems are more likely to rely on this internally-focused process.T/F
True - To determine wage rates and/or pay grades, organizations with formal systems are more likely to rely on this internally-focused process.
An agency or corporation (Commonwealth English; see spelling variations), is an entity—which include a company, an institution, or an association—comprising one or more human beings and having a particular reason. The word is derived from the Greek word organon, because of this device or tool, musical device, and organ. There are a spread of felony sorts of businesses, which include organizations, governments, non-governmental businesses, political groups, worldwide businesses, militia, charities, no longer-for-income agencies, partnerships, cooperatives, and educational establishments, etc. A hybrid enterprise is a body that operates in each the general public quarter and the private sector simultaneously, pleasurable public obligations and developing business market activities.
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TRUE/FALSE. trademarks must be distinctive and cannot be classified as arbitrary or fanciful, with no inherent relationship to the company's product or service.
The state that trademarks must be recognizably different and cannot be considered arbitrary or fantastical, with no underlying connection to the company's good or service is false.
Define trademark.A trademark could be any term, phrase, symbol, design, or combination of these that sets your goods or services apart from others'. Customers utilize it to distinguish you from your competitors in the market and recognize you. Under the general heading of "trademark," both trademarks and service marks are referred to.
A trademark is only a label used to distinguish a product or brand in the market and to promote the business. A few examples of the many different ways trademarks can be used include words, logos, and slogans. Nearly everything in the world has them.
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