Which of the following would not require the company to record an accrual on the balance sheet? select one: a. the company owes $43,000 in wages to its employees for the previous two weeks. b. interest will be paid when a note payable matures in the following accounting period c. management believes a lawsuit against the company is meritless because they have never had a single complaint about dangerous side effects of their drug in two years. d. the company knows that they will be fined for pollution as a result of their manufacturing process and can estimate the amount of the obligation. e. none of the above

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.

When the amount for land is 36,000 and the amount paid for expenses is 10,000, the balance of total asset is