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Problem 1: Bogart & Bacall, CPA's is a local CPA firm with approximately one hundred clients. As a result of poor economic times, many of the firm's clients are behind in paying their bills to the firm. Precision Medical is a long-time client of the firm and, as a result of poor accounts receivable collections, is facing a severe cash crunch. The company has asked Bogart & Bacall to prepare reviewed financial statement for the year ended December 31, 20X5 and to issue a report no later than February 15, 20X6. The firm anticipates that it will issue its report on February 8, 20X6 In order to maintain their independence, the firm has told Precision Medical that fees from work performed prior to which of the following dates must be paid?
a) December 31, 20X5b) February 15, 20X5c) August 8, 20X5d) February 8, 20X5
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