Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question:
The Cuts-n-Curves Athletic Club is a state-wide chain of service fitness clubs that cater to the demographics of the state. The clubs each have an indoor swimming pool, exercise equipment, tanning booths, a running track, and a smoothie caf´e for after-workout refreshments. The Club in Rosemont is open seven days a week, from 6:00 a.m. to 10:00 p.m. Just under the front doors is a reception desk where an employee greets patrons. Members have to show their membership card to be scanned by the bar-code reader, and visitors pay a $16 daily fee. When the employee at the desk collects cash for daily fees, he or she also has the visitor complete a waiver form. The employee then deposits the cash in a locked box and files the forms. At the end of each day the Club accountant collects the cash box, opens it, removes the cash, and counts it. The accountant then provides a receipt for the cash amount to the employee at the desk. The accountant takes the cash to the bank each evening. The next morning, the accountant makes an entry in the cash receipts journal for the amount indicated on the bank deposit slip. Susan Richmond, the General Manager at the Rosemont Club, has some concerns about the internal controls over cash. Thus, she is concerned that the cost of additional controls can outweigh any benefits. She decides to ask the organization's outside auditor to review the internal control procedures and to make suggestions for improvement.
Requirements:
1. Consider that you are the outside (staff) auditor. Your manager asks you to check any weaknesses in the existing internal control system over cash admission fees.
2. Recommend one improvement for each of the weaknesses you identified.
Because of intense competition, DLK struggled for the first few years of operation and the corporation sustained chronic losses. This year, Lacey, DLK's president, decided to seek additional funds to finance DLK's working capital.
What code section defines net earnings from self-employment. Where is the treatment of partners with respect to self-employment tax explained in one of the tax services
Compute the after-tax cost of each payment assuming she has a 25 % marginal tax rate - Suppose Sarah is a cash-method, calendar-year taxpayer, and she is considering making the subsequent cash payments related to her business.
Determine the taxable year of the LLC under the Code and Regulations and 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?
Calculate the capital gain under the indexation method and calculate the capital gain under the 50% discount method.
Norm is negotiating the sale of a tract of his land to Pat. Use the following classification scheme to classify each of the items contained in the proposed sales contract:
Advise Periwinkle of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014 and how would your answer to (a) differ if Emma used the $50,000 to purchase the shares hers..
Virginia, who was experiencing financial difficulties, was capable to adjust her debts as follows. Determine the tax consequences to Virginia.
Explain what is meant by income by ordinary concepts
Determine the days sales uncollected for both companies as of the end of the present period. Which company is doing a better job in managing the collection of its receivables?
Capital Gains Tax - In July 2011 the Labour Party put forward a proposal to have a comprehensive Capital Gains Tax (CGT) for New Zealand.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd