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Question -
1. Non-statistical sampling is commonly used in audit practice. Describe each of the four items required in a non-statistical audit test. Discuss the reasons why you would use, or not use, this type of testing for account transactions whose values range from very material to immaterial amounts. Describe why you believe non-statistical sampling is best for material vs immaterial amount testing, or vice versa.
2. A subsidiary corporation is liquidated under Section 332. Pursuant to its liquidation, the subsidiary distributed property to a minority shareholder. With respect to this distribution, what are the tax consequences to the subsidiary corporation and to the minority shareholder?
Calculate the amount of prepaid rent that should be reported on the December 31, 2016, balance sheet with respect to this lease.
A company has $30 per unit in variable costs and $1,200,000 per year in fixed costs. Demand is estimated to be 104,000 units annually. What is the price
Prepare the Revaluation account, Capital accounts, Bank account and the Balance Sheet of the reconstituted partnership and Prepare Profit and Loss
Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Spor..
the economic downturn has caused several companies to lay off workers leaving those workers who remain to do the work
under the nba deferred compensation plan payments made at the end of each year accumulate up to retirement and then
If expected life of existing machine decreased what effect does this have on the cash flow, discuss only? No calculations needed, just discuss
The marketing manager believes that the higher-quality product would increase sales by 10% per month. Calculate the change in total contribution margin
the accounts receivable account has total debit postings of 1900 and credit postings of 1100. the balance of the
Mike Corporation exchanged land and cash of $6,500 for equipment. Prepare the journal entry to record the exchange
The closing balance of stock at the end of the current income year was $4,500 after any reduction due to theft. What is the assessable income
When should the Miranda warnings be given and why?
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