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!
Ahi Corporation is one of your clients in Hawaii. The company had a good year last year and owes the IRS $100,000,000, due on March 15. There are no penalties or interest due to the IRS. One of Ahi's employees approaches you with the following plan to benefit from the so- called " float" on the large payment due to the government. First, Ahi Corp. will courier its tax return and payment to the U.S. Virgin Islands. There, the tax return will be mailed to the IRS Service Center in Fresno by certified mail on the return's due date, March 15. By doing this, the employee thinks it will take at least six days for the tax return to reach the IRS and for them to cash the $100,000,000 check. Ahi can earn 7 percent after tax on its money, so the interest earned during these six days because of the float is $19,178 per day [($100,000,000 × .07/ 365 days]. Thus, the total interest earned on the float for six days would be $115,068 ($19,178 × 6 days). 1. Would you recommend Ahi complete this transaction? 2. What potential ethics issues do you see in this situation? 3. Which AICPA Code(s) of Professional Conduct rules apply in this situation (explain how and why they apply)? 4. Which Statement(s) on Standards for Tax Services apply in this situation? 5. Cite the specific verse(s) for at least one Biblical principle that you feel is relevant to the situation.
Ratzlaff Company issues $2.2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2008
The company has no beginning or ending inventories. A total of 20,000 units were produced and sold last month. How many units would the company have to sell to attain the target profit of $150,000?
the concept of a balance scorecard is the topic of this module. while there is not necessarily one best way to view a
explain how the perpetual and periodic inventory systems differ especially in determining cost of goods sold and ending
Neffer Services Inc. leases access to high-speed computers to small businesses. It provides the following information for the year.
walker brothers company is considering installing a jit manufacturing system in the hope that it will improve its
What is activity-based costing, and why is this approach to cost assignments superior to the traditional method of using a plantwide overhead cost rate? Does activity-based costing necessarily result in lower product costs? Defend your answer.
1. which of the following is not a financial market?a. bond marketb. a market in which small business owners buy and
Security A has an expected return of 7 percent, a standard deviation of expected returns of 35 percent, a correlation coefficient with the market of -0.3, and a beta coefficient of -0.5. Security B has an expected return of 12 percent
Estimated of total cash inflows (not discounted) from selling products made in California. $30,000,000. The fair value of the California plant is estimated to be $24,000,000. Determine the amount of impairment loss, if any.
Why is it that postulates stemming from the economic and political climates as well as the customs and viewpoints of the business community would not serve as a good foundation for deducing a set of accounting principles?
An examination of Taylor's payroll records revealed that the company worked 22,000 labor hours (cost = $319,000) during the period, and specifications called for each completed unit requiring two hours of labor at a standard cost of $14.80 per hou..
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