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Suppose that you are the auditor of a major retail client who has reported the following income before taxes (IBT) for the first two quarters of the year: 1st quarter = $1,200,000 and 2nd quarter = $1,500,000. You are in the process of establishing overall materiality for the client. Based on prior years, the client has a 10% decline in IBT from the 2nd quarter to the 3rd quarter. You also know that IBT in the 4th quarter increases by 25% over the 3rd quarter.
Required: Determine the amount of overall materiality for the audit based on these preliminary amounts.
Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation. Water paid fines and penalties of $6,000 that were not deducted in computing taxable income.
Q1. Use DerivaGem to calculate the value of an American put option on a non-dividend-paying stock when the stock price is USD 30, the strike price is USD 32, the risk-free rate is 5%, the volatility is 30% and the time to maturity is 1.5 years. (..
What are the total contributions by profit center (CPC) for these divisions and operating income for the company? Assume there are no untraceable fixed costs.
Investors decided to sell their holdings of capital stock in order to purchase outstanding bonds payable and as a result, the prices of bonds payable increased.
Pisa Pizza Parlor is investigating the purchase of a new $45,000 delivery truck that would contain specially designed warming racks. The new truck would have a six-year useful life. It would save $5,400 per year over the present method of delivering ..
Discuss the advantages and disadvantages of accounting for inventory under the perpetual inventory system.
Determine what total inventories at August 31, 2004, would have been, using the fifo method, and what earnings before income taxes for year ended August 31, 2004, would have been if fifo had been used instead of lifo.
Starware Software was founded last year to develop software for gaming applications. Initially, the founder invested $800,000 and received 8 million shares of stock. Starware now needs to raise a second round of capital, and it has identified an inte..
Your boss asked you to calculate the tax shield on the new fleet of tractors the company has purchased. The annual depreciation on the tractors is estimated to be 247,500 and the company's estimated tax rate is 35%. What is the annual tax shield?
After every other figure on the balance sheet have been audited, it might appear that the retained earnings figure is a balancing figure and requires no further audit work. Why do auditors audit retained earnings as they do the other figures on th..
Algood and Gaw began a partnership on January 2 of the current year. Algood invested cash of $150,000 as well as inventory costing $30,000, but with a current appraised value of $50,000. Assuming that the bonus method was used by this partnership, wh..
Evaluate the economic order quantity for the spice in terms of 10 pound bags and If the company works 250 days per year, on average how many bags of spice are used per working day?
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