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Assignment
Your client owns a shopping center with 30 retail tenants. All of the leases provide for a fixed dollar amount plus a percentage of sales in excess of a certain dollar amount. The leases also provide that the shopping center may engage a CPA to ensure all sales are properly reported to the landlord.
You have been requested to audit the records of Happy Joe's restaurant to determine if sales of $420,000 for the year ended December 31, 20x4, are correct. Happy Joe's entered into a five year lease agreement on January 1, 20x3. The restaurant provides food service only, with no alcohol sales. Wait staff use prenumbered restaurant checks for customer orders, and all checks are paid by cash or check at the cash register. The proprietor, an accountant by background, operates the cash register.
What issues do you see in auditing the restaurant's revenue?
backwards resources has a wacc of 13.7 percent and it is subject to a 35 percent marginal tax rate. backwards has 333
on january 2 sharpe company purchases 30 of the 10000 outstanding shares of 10 par common stock of barron corporation
Legacy issues $ 325,000 of 5%, four year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $ 292,181 and their market rate is 8% at the issue date.
Unless adequate controls are implemented, the rapid ad- vance of computer technology can reduce a firm's ability to detect errors and fraud. Therefore, one of the critical responsibilities of the management team in firms where computers are used ..
What is periodicity in accounting?
The township authorized a bond issue of $11 million for the construction of a pedestrian walkway as part of a downtown revitalization project. An additional $1 million of general revenues is to be used for the project. The authorization was record..
obtain company reports and company financial statements from public sources. lexisnexis and annual reports from
Salisbury Corporation formed a corporation on January 3, 2016, and is authorized to issue 500,000 shares of $10 par value common stock. The company has the following stock transactions. Journalize the following transactions for Salisbury Corporation:
Rick knew that this deal was too good to be true and so he took advantage of the offer before the station owner realized what a giveaway this was. How much should Mr. Z. include in his gross income? Explain your reasoning.
refer to the annual report of campbell soup in appendix a. a. compute campbell soups working capital at the end of year
Present, in general journal form, the elimination entries for the preparation of a consolidated balance sheet workpaper on January 1, 2011. The difference between the value implied by the purchase price of the investment and the book value of the ..
chuck a dentist raises prize rabbits for breeding and showing purposes. assume that the activity is determined to be a
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