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1. Serena operates a lawn maintenance service in Southern California. As most of her employees are itinerant, they are paid on a day-to-day basis. Because of cash-flow problems, Serena requires her customers to pay cash for the services she provides. a. What are some of the tax problems Serena might have? b. Assess Serena's chances of audit by the IRS
2. Using the legend provided, classify each of the following statements: A - Tax avoidance E - Tax evasion N- Neither a. Monica writes a $1,000 check for a charitable contribution on December 28, 2011, but does not mail the check to the charitable organization until January 10, 2012. She takes a deduction in 2011. b. Robert decides not to report interest income from a bank because the amount is only $11.75. c. Jim pays property taxes on his home in December 2011 rather than waiting until February 2012. d. Jane switches her investments from taxable corporate bonds to tax-exempt municipal bonds. e. Ted encourages his mother to save most of her Social Security benefits so that he will be able to claim her as a dependent.
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
bark company is considering buying a machine for 240000 with an estimated life of ten years and no salvage value. the
Amy, Beth, and Meg each own 100 of the 300 outstanding shares of Theta Corporation stock. Amy wants to sell her shares, which have a $40,000 basis and a $100,000 FMV. Either Beth and/or Meg can purchase Amy's shares (50 shares each) or Theta can r..
Lyle performed legal and accounting work during the incorporation process in return for six shares of stock. Determine the tax consequences of the transfer to all parties
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Casso limited has an option to purchase new car for the use froma bank on loan for Rs. 100,000 with 16% interest payable. Find which option is more suitable for the company.
given the following information prepare the complete statement of cash flows. use the indirect method of preparing the
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The results appear as a weekly listing of the top 25 teams in the nation. Do you think that these polls illustrate the process of measurement? Discuss.
explain the significance of the return on equity ratio. who what category or type of financial statement users would
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buzz inc. has 8000 shares of 5 50 par cumulative preferred stock and 50000 shares of 3 par common stock outstanding. no
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