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Barney, an individual, and Aldrin, Inc., a domestic C corporation, have decided to form BA, LLC. The new LLC will produce a product that
Barney recently developed and patented. Barney and Aldrin, Inc., will each own a 50% capital and profits interest in the LLC. Barney is a calendar year taxpayer, while Aldrin, Inc., is taxed on a July 1 -June 30 fiscal year. The LLC does not have a -natural business year- and elects to be taxed as a partnership.
Determine the taxable year of the LLC under the Code and Regulations.
Two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the LLC retain the taxable year determined in part (a)? Why or why not?
The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.
Show the audit inherent risk and rate the risk as low, medium or high.
Analyze how complex global instruments contributed to the fraud and the failure of it to be detected by regulators and auditors of MF Global.
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm.
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
What is the length of the channel the bank uses to distribute its own checking account products? How would you describe the channel positioning of People's Bank? What is People's unique selling proposition (USP) OR unique value proposition?
Why might this attitude exist among students who have not yet taken a statistics class? Would a similar attitude exist toward a business or history class? Explain your thoughts.
You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
You are required to identify a current controversy relating to Auditors' Independence.
Before year end adjusting entries, Bass Company's account balances at December 31, 2007, for accounts receivable and the related allowance for uncollectible accounts were $600,000 and $45,000, respectively.
What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued? What was the CPA's deficiency in conducting the audit of accounts receivable?
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