If Rollins serves as the treasurer of Utley’s campaign organization, with which of the following is the firm’s independence possibly or definitely impaired?
Q: iggy, owner of Jaguar Security Agency offers security services unto Honest Industries Co. of which…
A: The contract refers to the legal form of agreement between parties that reflects the duties and…
Q: Freddy is a director of Ace Finance Ltd. The board of directors for Ace Finance Ltd have…
A: The Corporation Act is the act which impose or levy number of additional fiduciary duties on the…
Q: During one of his rallies, Jackie, a candidate for presidency, claimed that his main platform is to…
A: Following is the correct answer
Q: Rosson, a California CPA, was a partner with the California firm of Freedman & Warwick, CPA's. She…
A: Accountancy Act of California can be defined as the general rules, laws, and regulations for the…
Q: Jim would like to start a business raising thoroughbred racehorses. The business would be the first…
A: Insurance is the agreement between the two parties who agreed to take the risk of loss of the other…
Q: Patrick is a senior public servant employed to the Ministry of Local Government for over…
A: Ethical issues arise when any activity, decision of business organizations conflict with a society's…
Q: WHAT HAPPENS IF A PARTNER BECOMES INSOLVENT? In 2010, three dentists-Ben Rogers, Judy Wilkinson, and…
A: The first alternative is that Wilkinson and Walker can contribute equivalent to the 1/3 portion of…
Q: Assuming that you are Lee Tower, set forth your decision regarding acceptance of the client,…
A: Integrity in the client's management: Integrity in the client's management is the prime factor to…
Q: Ahmed is an engineer and he approves private projects in the Government. One project was submitted…
A: Professional ethics is followed by a professional to check the legality, financial viability, and…
Q: Robert is the CEO of a closely held business, and he would like to provide life insurance to all of…
A: Cash Value Life insurance : It is the cash amount offered to the policy holder by issuing the life…
Q: WHAT KIND OF BUSINESS IS THIS? After graduating from college, Shelley Williams held several…
A: Shelley Williams and Yvonne Hargrove should be advised by their accountant on the need for a…
Q: WHAT HAPPENS IF A PARTNER BECOMES INSOLVENT? In 2010, three dentists-Ben Rogers, Judy Wilkinson,…
A: When a person or organization becomes insolvent, they are unable to satisfy their financial…
Q: Gustavo is the mayor of Guadalajara, Mexico. He is concerned that violent crime is reducing income…
A: Answer. positive The average treatment effect (ATE) is a measure used to compare treatments (or…
Q: Mulroy Inc. is a privately held corporation that owns 5 car dealerships. On February 2, 2022 the…
A: According to IAS, when the performance obligation is fulfilled then the revenue shall be recognised.…
Q: Marvin is a state legislator. Bases on his belief that a certain infrastructure project in the…
A: A bribe is an illegal or unethical gift or lobbying effort bestowed to influence the recipient's…
Q: Harold Jones, the financial aid officer at a small university, manages all aspects of the financial…
A: Fraud: Fraud refers to a malicious act done by people to fulfill their own personal benefits. In…
Q: Which of the following describes a taxpayer with a hobby? Sara, an independent seller for a…
A: The important point to note to determine whether the taxpayer is doing a business or hobby is to…
Q: Ms. KayLeniTayo is a candidate in the upcoming Presidential Elections. Mr. DanielPadilla, believing…
A: Donor's tax Donor tax is is the tax which has to be paid in the form of gift and donation which are…
Q: Kwame Lee has been made redundant from a managerial position in an oil company in Trinidad where he…
A: A partnership is an agreement to run a business in which they all have common interests between two…
Q: Horatio, a citizen and resident of Ireland, is an equal partner with Imogene, a US citizen, in a…
A: Facts of the case 1] Horatio is…
Q: Your supervisor advises you to recommend that they form a LLP, a LLC, or a professional corporation.
A:
Q: Sara, a group leader working on a college project, meets her team members three times a week in…
A: In the given case we can see that Sara is meeting with the team members three times a week, but she…
Q: Jeremy has worked for a large lawn care company for several years. This lawn care company is located…
A: The question is based on the concept of different forms of company. Sole proprietor owned and run by…
Q: earch, and assess the costs involved. He concludes that it will be necessary to increase staff…
A: The ethical issues are given as,
Q: Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import– export…
A: 1. State whether the action of MB is ethical or not.The behavior of MB is unethical, because an S…
Q: Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import–export…
A: Ethics means the behaviour of the individuals deciding what is right and wrong by them. It guides…
Q: Kwame Lee has been made redundant from a managerial position in an oil company in Trinidad where he…
A: Appropriation Account: The process of putting money aside for a certain purpose is known as…
Q: Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting…
A: The legal identity of a Limited Liability Partnership (LLP) is distinct from that of its…
Q: Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting…
A: The legal identity of a Limited Liability Partnership (LLP) is distinct from that of its…
Q: WHAT KIND OF BUSINESS IS THIS? After graduating from college, Shelley Williams held several…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: Which of the following describes a taxpayer with a hobby? a) Sara, an independent seller for a…
A: Tax refers to the amount charged by the government on the income earned from the individual and…
Q: Several years ago, Grant County was sued by a former County employee for wrongful discharge.…
A: Total of government purchases and the transfer payments of the government is indicated in the…
Q: When Minnie K. Patton wrote her will, she left a portion of her estate to the Dallas County…
A: We have identified three Internal Control issues Below
Q: Explain how Jacinda and Steven could reduce their tax liability by splitting their income. Show the…
A: Particulars Amount Gross Salary -J $50,000 Gross salary-S $177,000 NAB joint saving a/c…
Q: The very large Lido Family has recently won the lottery and their friends have encouraged them to…
A: A.) Beacuse the couple's are the lawful residents of tbe country and their name can be written or…
Q: Jim Bond, a plumber, has been working for Fleming’s Plumbing Supplies for several years. Based on…
A: As per our protocol we provide solution to the one question only but as you have asked multiple…
Q: Robert Thompson has come to you for help. He is considering accepting a job with the Let's Read…
A: Solution Revenue is the total amount of income generated by the sale of goods or services related to…
Q: Present arguments supporting a decision to accept Tierra Corporation as an audit client.
A: Acceptance of audit client: The Certified Public Accountant usually avoids the circumstances…
Q: In June of this year, Dr. and Mrs. Bret Spencer traveled to Denver to attend a three-day conference…
A:
Q: Themba lives in clarendon Jamaica, he is a shareholder of electro Tech Limited. He received notice…
A: An annual general meeting is the one that is scheduled by the company in a year to gather all the…
Q: Kate and Mark, a married couple, own a limited liability company. Although Kate and Mark are not yet…
A: C)A cross-purchase buy-sell agreement between Kate, Mark, and the children
Q: Joe and Rudy formed a partnership to operate a car repair shop in Laoag City. Joe provided the…
A: Partnership is an agreement between partners to come together to do business activities and an…
Q: Ahmed is an engineer and he approves private projects in the Government. One project was submitted…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: You are a financial adviser and the following information is an extract of data you gathered as part…
A: Income Tax: Income tax is a direct tax which is paid by the taxpayer depending on his level of…
Q: LouAnn has spent the past 15 years building a bakery business and her reputation in her small…
A: Given in the statement is that LouAnn has spent 15 years to build her bakery business and her…
Rollins, a member, is a partner in the firm Lee & Hamels, CPA’s. The firm is heavily involved in providing attest services to local municipalities and local candidate’s campaign organizations and has the requisite expertise to do so. Rollins is considered by many to be an expert in this particular field. Utley, a member of the Brotherly Love Party, is a client of the firm and wants to run for mayor of Philly City. Utley has asked Rollins to serve as treasurer of his campaign organization. Lee & Hamels, CPA’s also provides attest services to Philly City and the Brotherly Love Party. If Rollins serves as the treasurer of Utley’s campaign organization, with which of the following is the firm’s independence possibly or definitely impaired?
A. Philly City
B. Utley’s campaign organization
C. The Brotherly Love Party
D. All of the above
E. Both a and b.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of a real estate development firm, Tierra Corporation. Potter was quite excited when Edmond indicated that his corporation needed an audit and he wished to discuss the matter with her. During the discussion, Potter was told that Tierra Corporation needed the audit to obtain a substantial amount of additional financing to acquire another company. Presently, Tierra Corporation is successful, profitable, and committed to growth. The audit fee for the engagement should be substantial. Because Tierra Corporation appeared to be a good client prospect, Potter tentatively indicated that Tower & Tower wanted to do the work. Potter then mentioned that Tower & Tower’s quality control policies require an investigation of new clients and approval…John Young is the lead partner in a local accounting firm whose practice consists of tax consulting and compliance. The firm also serves clients by providing write-up and payroll processing services. As his firm has grown, John has developed various ways to build its business prospects. John and his wife, Jena, created JJ Partnership to purchase an office building where John moved his practice. Because the building is larger than the practice currently needs, space is rented to other tax practitioners. In addition to providing office space, the partnership offers professional and administrative services on an exclusive basis to the tenants. These services include secretarial support, telephone answering service, tax professionals available for special projects, access to an online tax research library, computer hardware technology, and miscellaneous administrative support. JJ Partnership considers its primary activity to be providing professional and administrative services to its…Marvin is a state legislator. Bases on his belief that a certain infrastructure project in the public’s best interest, Marvin in favor of the project. Several weeks later, a contractor who financially benefited from the project approaches Marvin with an envelope full of cash and thanks him for his “public service.” If Marvin accepts the cash, which of the following best describes his violation? A. Official bribery. B. Commercial bribery. C. Illegal gratuity. D. Economic extortion.
- Jim Bond, a plumber, has been working for Fleming’s Plumbing Supplies for several years. Based on his hard work and the fact that he recently married Ivan Fleming’s daughter, Jim has been invited to enter into a partnership with Fleming. The new partnership will be called Fleming and Bond’s Plumbing Supplies. The terms of the partnership are as follows: (a) Fleming will invest the assets of Fleming’s Plumbing Supplies, and thepartnership will assume all liabilities. The market values of the office and store equipment are estimated to be $18,000 and $8,000, respectively. All other values reported on the balance sheet (shown below) are reasonable approximations of market values. Fleming has no knowledge of any uncollectible accounts receivable.(b) Bond will invest $50,000 cash.(c) Fleming will draw a salary allowance of $50,000 per year, and Bond willreceive $30,000.(d) Each partner will receive 10% interest on the January 1 balance of his capital account.(e) Profits or losses remaining…Mark and Marsha recently graduated from the Law School and want to start a general practice law firm together. Since they were friends for a long time and graduated at the top of their class, they are confident in each other’s ability to practice law. Each of them has about $20,000.00 to invest in the new law firm, and neither has any significant personal assets besides two secondhand cars from their law school days. They are unsure of how to form their business association, and they visit the consultancy company that you work for to learn about their options. Your supervisor advises you to recommend that they form a LLP, a LLC, or a professional corporation.erry’s sister, Brenda, has just started up a new construction company that specializes in the construction of commercial buildings. Jerry is extremely eager to see his sister’s company get off the ground and become successful. Two years ago, Brenda’s husband, Carl, was severely injured during combat while serving with the United States Army and is totally and permanently disabled as a result of his injuries. Since Carl’s injury, Brenda has become very involved with the Wounded Warrior Project, serving as Chairman for the charitable organization’s local chapter. She is also involved with several other charities in the area that provide food and other necessities to the homeless. Brenda has pledged to donate 10% of the net profits from her construction business to charity. Jerry knows that a $2,500,000 construction project could be life-changing for Brenda’s new company, Brenda’s family, and countless individuals impacted by the charitable organizations Brenda is involved with. Jerry…
- Jack, a geologist, had been debating for years whether or not to venture out on his own and operate his own business. He had developed a lot of solid relationships with clients, and he believed that many of them would follow him if he were to leave his current employer. As part of a New Year’s resolution, Jack decided he would finally do it. Jack put his business plan together, and, on January 1 of this year, Jack opened his doors for business as a C corporation called Geo-Jack (GJ). Jack is the sole shareholder. Jack reported the following financial information for the year (assume GJ reports on a calendar year, uses the accrual method of accounting, and elects to account for inventory). In January, GJ rented a small business office about 12 miles from Jack’s home. GJ paid $10,000, which represented a damage deposit of $4,000 and rent for two years ($3,000 annually). GJ earned and collected $290,000 performing geological-related services and selling its specialized digging tool. GJ…Freddy is a director of Ace Finance Ltd. The board of directors for Ace Finance Ltd have unanimously agreed to have a marketing campaign to attract new clients to their financial business. Freddy's nephew – Frank – is a marketing executive who runs his own business. Freddy informs his nephew of the possibility of obtaining the marketing contract with Ace Finance Ltd. Freddy also discloses to Frank the price range that the company will consider. Freddy attends the board meeting where they consider who will get the marketing contract, but he does not disclose his connection with his nephew. After looking at all the potential candidates, the board of directors have selected Frank's business to do the marketing campaign for Ace Finance Ltd. Has Freddy breached his statutory obligations under the Corporations Act (Cth) 2001?Kate and Mark, a married couple, own a limited liability company. Although Kate and Mark are not yet ready to retire, they would like to begin involving their three children in the business since they are now all responsible adults. Their primary concern is ensuring that the business will remain in their family for future generations. It is also important to Kate and Mark that their children learn the value of a dollar, so they would like them to purchase their interests in the company. Kate and Mark have been successful in their business and have a modest estate, but they do not predict they will owe any estate tax. Which one of the following is the most appropriate form of business transfer technique for Kate and Mark to use to achieve their objectives? A)A preferred stock recapitalization of the business B)A gift of the business interests from Kate and Mark to each child C)A cross-purchase buy-sell agreement between Kate, Mark, and the children D)An entity…
