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Western Bank & Trust purchased land and a building for the lump sum of $3 million dollars. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the land. A more realistic allocation would have been 70% to the building and 30% to the land.
Explain the tax advantage of allocating too much to the building and too little to the land. Was Western's allocation ethical? If so, state why. If not, state why not. Identify who was harmed.
Accounts are closed and adjusted at the end of the year. Accounts receivable has a balance of $350,000 and the allowance for doubtful accounts has a balance of $15,000. What is the net realizable value of the accounts receivable?
What is the normal procedure for handling the collection of accounts receivable previously written off using the direct write-off method? Using the allowance method?
What would be the reliability of the bank system below if each of the three components had a backup with a reliability of .80?
Accounts receivable are $45,000 and are directly proportional to total sales. The sales forecast for next year is $125,000, which represents a 5% growth over the current year. The forecast accounts receivable would be:
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors and prepare a list of three useful sources and perform overall analytical procedures
During an audit engagement, Harper CPA has satisfactorily completed an examination of accounts payable and other liabilities and now plans to determine whether there are any loss contingencies arising from litigation, claims, or assessments
Which of the following conditions is necessary for a practioner to accept an attest engagemetn to examine and report on a nonissuer's internal control over financial reporting?
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000.
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