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Ahi Corporation is one of your clients in Hawaii. The company had a good year last year and owes the IRS $100,000,000, due on March 15. There are no penalties or interest due to the IRS. One of Ahi's employees approaches you with the following plan to benefit from the so- called " float" on the large payment due to the government. First, Ahi Corp. will courier its tax return and payment to the U.S. Virgin Islands. There, the tax return will be mailed to the IRS Service Center in Fresno by certified mail on the return's due date, March 15. By doing this, the employee thinks it will take at least six days for the tax return to reach the IRS and for them to cash the $100,000,000 check. Ahi can earn 7 percent after tax on its money, so the interest earned during these six days because of the float is $19,178 per day [($100,000,000 × .07/ 365 days]. Thus, the total interest earned on the float for six days would be $115,068 ($19,178 × 6 days). 1. Would you recommend Ahi complete this transaction? 2. What potential ethics issues do you see in this situation? 3. Which AICPA Code(s) of Professional Conduct rules apply in this situation (explain how and why they apply)? 4. Which Statement(s) on Standards for Tax Services apply in this situation? 5. Cite the specific verse(s) for at least one Biblical principle that you feel is relevant to the situation.
sanderson company has the following production data for march no beginning work in process units started and completed
Salaries and Wages Expense $14,000; Insurance Expense $1,800; Rent Expense $3,900; Supplies Expense $1,500; and Depreciation Expense $1,000. Prepare an income statement for the year.
what are the main objectives of comparative analysis? why is it important for external users of financial statements to
Adama Company reported a net loss of $6,000
on february 24 amw purchased 4000 shares of kmp newly issued 6 percent cumulative 75 par preferred stock for 304000.
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When auditing inventories of raw materials, purchased parts, and/or merchandise inventory, the auditor's most effective means for evaluating the valuation assertion is to
This week, Airbus announced it was building new plant in Alabama. Can you aid me in answering the following questions based on information in conjunction with Foreign Direct Investment.
the inventory at may 1 and the costs charged to work in process-department b during may for stella company are as
calculate the annual cash dividends required to be paid for each of the following preferred stock issuances 2.40
(a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2005.
Which category completely excludes equity securities?
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