Answer:
1.Immediate Family:
Spouse
Dependent Child
Dependent Parent
Spouse Equivalent
2.Close Relatives:
Sister
Brother
Father
Mother
Grand Father
Independent Child
3.Other Relatives and Friends:
Niece
Nephew
Cousin
Golf Partner
College Friend
Roommate
Explanation:
AICPA code of professional conduct are standards that are followed by CPA professionals. It is important and necessary for CPA professionals to understand the rules and standard of professional guidance and abide by them. There are two major sections of Code of Professional Conduct:
1. Rules
2. Standards
Rules are enforceable and required to be followed. Standards are the guidance which helps to make decision in certain situations.
Answer:
a.when a corporation owns more than 50% of the common stock of another company
Explanation:
Many a times, a parent company holds stock in it's own subsidiary company. Consolidation refers to presentation of combined profitability of a group wherein a Parent Co holds majority of the common stock i.e more than 50% of the common stock in it's subsidiary.
Such a presentation presents the combined picture of a group and helps in better comprehension and understanding by the users of the financial statements.
If a parent owns 100% stock in it's subsidiary, such subsidiary is referred to as a wholly owned subsidiary.
Answer:
If opportunity cost is 5%, PV=10,366.05
If opportunity cost is 6.5%, PV=9,934.19
If opportunity cost is 11.5%, PV=8,656.79
Explanation:
PV=Σ
If opportunity cost is 5%: PV =
=10,366.05
If opportunity cost is 6.5%: PV =
=9,934.19
If opportunity cost is 11.5%: PV =
=8,656.79
Answer:
$41,400
Explanation:
Tuition will increase by $500 each year
Year 1 tuition = $17,300
Year 2 tuition = $17,800
Year 3 tuition = $18,300
Year 4 tuition = $18,800
Total = $72,200
Scholarship per year = $5000
Total scholarship for 4 years = 4 * $5000
= $20,000
Earnings per year = $2,700
Total earnings for four years = 4 * $2,700
= $10,800
She plans to take out a loan to cover the remaining tuition costs
Loan = Total tuition - (Total scholarship for 4 years + Total earnings for four years)
= $72,200 - ( $20,000 + $10,800)
= 72,200 - (30,800)
= 72,200 - 30,800
= 41,400
Loan = $41,400
Michelle need to borrow $41,400