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Non-business Bad Debt. in 2011, Becky loans her brother Ken 5000, which he intends to use to found a small business. Because Ken has no other assets and requires the cash to expand the business, the agreement provides that Ken will repay the debt if (and when) sufficient funds are prepared from the business. No interest rate is agreed upon. The business sins unsuccessful and Ken is forced to file for bankruptcy in 2012. By end of 2012 it is evaluated that the creditors will receive only 20 percent of the amount owed. In 2013 the bankruptcy proceedings are closed, and creditors receive 10 percent of the amount due on the debt. What is Becky's bad debt deduction for 2012? For 2013?
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all.
What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment?
State whether Event is adjusting or non-adjusting event.
Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space.
Green Pastures is a 400-acre farm on the outskirts of the Kentucky bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it h..
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the buyer paid $3,600 for property taxes."
The president has promised an intensive ''audit'' of all aspects of the department's performance. The university has never explicitly established formal goals for the athletic department.
What are the issues with auditing these relationships?
Prepare a correct bank reconciliation( Hint: Deduct the amount of the theft from the adjusted balance per books).
You have been asked to prepare a brief presentation on the nature and purpose of the auditors' opinion for your investment club. The club members would like your presentation to answer these questions:
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