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1. Evaluate the child credit for the subsequent taxpayer. Apple and James (who file a joint return)have two dependent children and 120,400 AGI. I tried 120,400-110,00(limit)=10,400/1000=10.4*50=520 said it was wrong, I also round the 10.4 to 10*50 for 500 also wrong. 2. Adoption expenses Jenny and Carl adopt a Russian orphan. The adoption takes two years and two trips to Russia and is final in 2012.They pay $6,000 in 2011 and $7500 n 2012 of qualified adoption expenses, and have AGI of 200,500. How much credit would they claim? Tried 200,000-189710(limit)=10,290/40,000=0.25725*13500=10027 -wrong also tried max of 12500 also wrong.
How is the write-off of a bad debt handled on the tax return? How must the debtor handle the forgiveness of the debt? Why?
There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples.
should auditors perform tests of long term notes payable transactions after the balance sheet date?
An auditor evaluation and study of the internal accounting control system
On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each.The company uses a perpetual inventory system. During September, the following transactions occurred.
Discuss the reason for an integrated audit. Present a recent failure of a corporate governance in the US. What action did the public think was necessary to improve the quality of corporate governance in this example?
Choose any KPIS based on your industry/interests and explain why the existing KPIs offer a partly-complete measure. For each KPI, come up with an extension that might offer a better and/or in-depth measure.
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement tha..
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
Since an auditor is unable to examine every transaction, it is necessary to determine how many transactions to examine. After completing all the steps of the internal control audit process, the auditor determines a sample of transactions to audit.
Tidwell, Inc. has weekly credit sales of $19,400, and the average collection period is 34 days. The cost of production is 75 percent of the selling price. What is the average accounts receivable figure?
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