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A cpa firm has audited the financial statements included in a form s-1 filed with the sec under the securities act of 1993. shortly thereafter, the company went bankrupt and a class action lawsuit was filed by the initial investors against the cpa firm.
a. what should the plaintiff investors attempt to prove?
b. must the plaintiffs prove that they relied on the financial statements included in the form s-1?
c. what must the cpa firm prove in order to be successful with respect to the firm's defense?
When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given.
First assume that all of the deferred money and accumulated interest is paid out along with the final salary payment at the end of 2012. Use 5.5% as the discount rate. What is the present value (as of the signing date) of Ichiro's contract under t..
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
However, income statements do not reveal every aspect of a company's performance. Identify and describe two limitations of income statements.
A firm believes it can generate an additional $250,000 per year in revenues for the next 5 years if it replaces existing equipment with new equipment that costs $210,000.
Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during w..
GEH is in the business of owning and running hotels with an 'eco' theme - meaning they must be environmentally and socially responsible, but capable of making a good profit in the medium to long term.
Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.
On December 31st, 2003, the Merchant Bank enters into a debt restructuring agreement with Shrek Company, which is now experiencing financial trouble. The bank agrees to restructure a 10%, issued at par, $1,000,000 note receivable by the following ..
Elysian Fields Inc uses a maximum payback period of 6 years and currently must choose between two mutually exclusive projects. Project Hydrogen requires an initial outlay of $25,000; project Helium requires an initial outlay of $35,000.
Journalize the entries to record (a) the flow of costs into the Refining Department during the period for
That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
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