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Nimfa-mama [501]
2 years ago
13

Statement on Standards for Tax Services No. 1 establishes as a basic principle of providing tax services that the CPA:

Business
1 answer:
Aleksandr-060686 [28]2 years ago
7 0

Answer:

c. Must have a good faith belief that the tax return position has a realistic possibility of success if challenged by the IRS

Explanation:

Statement on Standards for Tax Services No. 1 establishes as a basic principle of providing tax services that the CPA

we know that

Giving assessment administrations is on the standard premise that it has a decent confidence conviction that the government form position can be supported whenever tested

therefore

option c is correct

c. Must have a good faith belief that the tax return position has a realistic possibility of success if challenged by the IRS

You might be interested in
What is the present value of $6,811 to be received in one year if the discount rate is 6.5 percent?
Marat540 [252]

The present value of of $6,811 to be received in one year if the discount rate is 6.5 percent  will be $6, 395.31.

What does Present Value mean?

A financial concept that calculates the current value of a future sum of money or stream of cash flows is present value. It's used to compare the relative worth of different amounts of money that aren't available at the same time. The inverse of future value. The sum of future investment returns discounted at a specified rate of return is calculated as the present value of money you expect from future income.

What is Financial concept?

Financial concepts are the fundamental principles and theories of finance, which provide guidance on how to assess and manage financial risks, return, and value. These concepts include the time value of money, diversification, risk-return trade-off, capital budgeting, and portfolio selection. Financial concepts are essential for making sound financial decisions and investments.

The procedure to find an present value:

Present Value = FV/ (1+i)^n

6,811/(1+0.065)^1

6, 395.31

To know more about Present value,

brainly.com/question/15904086

#SPJ1

3 0
9 months ago
In 2018, preferred shareholders elected to convert 4.58 million shares of preferred stock ($39 million book value) into common s
In-s [12.5K]

Answer:

The answer is given below;

Explanation:

Preferred Stock   Dr.$39,000,000

Common Stock    Cr.$33,000,000

Paid in capital in excess of par-Common stock  (39,000,000-33,000,000)        Cr.$6,000,000  

As the book value of preferred stock is greater than the price paid at the time of conversion into common stock,therefore excess amount is paid in capital in excess of par for common stocks.As the preferred stock is reduced by their book value,therefore it is debited and common stock is credited with its cost.  

5 0
3 years ago
Chair P, from Design Solutions, cost $60 per chair. Chair Q, from Seat Unlimited, costs $90 per chair. An office manager often h
quester [9]

Answer:

\frac{\$60p+\$90q}{p+q}

Explanation:

Data provided in the question:

Cost of chair P = $60

Cost of chair Q = $90

Number of chair P ordered = p

Number of chair Q ordered = q

Now,

Total number of chairs ordered

= Number of chair P ordered + Number of chair Q ordered

= p + q

Total cost of chairs ordered = $60p + $90q

Therefore,

Average cost of a chair

= [Total cost of chairs ordered ] ÷ [Total number of chairs ordered]

= \frac{\$60p+\$90q}{p+q}

8 0
3 years ago
Most economists A. apply the assumption that people rarely behave as if they act rationally although they do aim to maximize uti
aleksklad [387]

Answer:

The correct answer is letter "C": apply the assumption that people behave as if they act rationally with an aim to maximize utility.

Explanation:

The theory of rational expectations is mainly used in macroeconomics, with the idea that decisions of individuals will affect the future course of the economy. According to this theory, people's behaviors are based on <em>rationality, all the information that they have available, </em>and <em>past experiences. </em>

Some of the rational expectations theory's premises are that <em>people hold expectations that will be met, variables values (price, output, and employment) are taken into account, </em>and <em>individuals are always trying to maximize their profits.</em>

3 0
2 years ago
Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of
RSB [31]

Answer:

Answer for the question:

Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $107,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $184 per share. (Round answers to 0 decimal places, e.g. $1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) enter an account title for case A

is given in the attachment.

Explanation:

Download pdf
3 0
3 years ago
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