Most auditors assess the risk of material misstatement as high for related parties and related-party transactions because a. of the unique classification of related-party transactions required on the income statement. b. of the lack of independence between the parties. c. of the unique classification of related-party transactions required on the balance sheet. d. it is required by generally accepted accounting principles.

Spirula trading inc sublets a part of its offices building to jade inc. for a period of ten years . where will the company disclose this information?

Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below

Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.