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Dmitriy789 [7]
3 years ago
10

Terry industries engages rose & co., cpas, to prepare its annual financial statements and tax returns. before either of thes

e engagements is completed, terry terminates the relationship and asks the firm to provide all records that they provided to the firm, the firm's working papers, and its partially completed work product. terry has not paid rose & co. for either service. under the aicpa rule on client records requests, which records, if any, may rose & co. withhold from the client?
Business
1 answer:
Verizon [17]3 years ago
6 0

Rose & Co can withhold their <u>working papers</u> and <u>partially completed work.</u>

"Working papers" are preliminary documents that show the information gathered and the information behind the reports that are generated.

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Becca has $500 to open a checking account. She wants an account with the lowest fees. She writes about 12 checks per month and h
Vinvika [58]

Answer:

Low balance checking account

Explanation:

Since Becca has a small amount of money, only $500, and only uses the ATM around 4 times per month, her best option is a low balance checking account. This type of checking account works very well for people that can only keep a small balance. Many banks don't charge fees for this type of account as long as you write only a limited number of checks, your bank statement is sent to you online, and you use only  their ATMs.

The other types of checking accounts usually require much higher balances, and of the minimum balance is not met, then they will charge you a monthly fee.

7 0
3 years ago
Read 2 more answers
Mechem Corporation produces and sells a single product. In April, the company sold 2,000 units. Its total sales were $163,000, i
Scilla [17]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

The company sold 2,000 units.

Total sales were $163,000

Total variable expenses were $80,900

Total fixed expenses were $57,800.

<u>The contribution margin income statement follows this structure:</u>

Income statement:

Sales

-Total variable cost

= contribution margin

-fixed costs

= net operating income

1) Income statement

Sales= 163,000

Total variable cost= (80,900)

Contribution margin= 82,100

Total fixed costs= (57,800)

Net operating income= 24,300

2) First, we need to calculate the unitary selling price and unitary variable cost:

Selling price= 163,000/2,000=$81.5

Unitary variable cost= 80,900/2,000= $40.45

Sales= 1,900*81.5= $154,850

Total variable cost= (1,900*40.45)= (76,855)

Total contribution margin= 77,995

Total fixed cost= (57,800)

Net operating income= 20,195

6 0
2 years ago
When Kira graduated with a degree in computer science, she started her software company. On her first day of operations, she pos
kobusy [5.1K]

Answer:

Her expectation that all her employees would adhere to the laws applicable to the business

Explanation:

By adhering to the laws applicable to her business, and expecting that her employees would follow suit, helped to protect the business from the liability related to breaching laws. Moreover, operating within the legal requirements serves as the first step towards operating as an ethical firm.  

7 0
2 years ago
Jennifer owns a pig farm near​ Salina, Kansas. Last year she earned​ $39,000 in total revenue while incurring​ $38,000 in explic
leonid [27]

Answer:

Jennifer earned an accounting profit of  $1,000 and economic loss of $26,000

Explanation:

Total revenue for Jennifer is $39,000.  

Explicit costs incurred is $38,000.  

The implicit cost or opportunity cost involved is $27,000.

Accounting profit takes into account explicit costs only. It does not include implicit costs involved in the production process.  

Jennifer has earned an accounting profit of

= Total revenue - Explicit costs

= $39,000 - $38,000

= $1,000

Economic profit takes into account the explicit cost as well as implicit cost.  

The economic profit earned

= Total revenue - Total costs

= $39,000 - ($38,000 + $27,000)

= - $26,000

7 0
2 years ago
Rachel's Recordings reported net income of $250,000. Beginning balances in Accounts Receivable and Accounts Payable were $18,000
pentagon [3]

Answer:

Rachel's net cash flows from operating activities would be $264,500

Explanation:

In order to calculate Rachel's net cash flows from operating activities we would have to calculate the following formula:

cash flows from operating activities=Net income+Increase in accounts payable+ decrease in accounts payable

Net income=$250,000

Increase in accounts payable=Ending balance-Beginning Balance

Increase in accounts payable=$30,000-$23,000

Increase in accounts payable=$7,000

decrease in accounts payable=Ending balance-Beginning Balance

decrease in accounts payable=$10,500-$18,000

decrease in accounts payable=$7,500

Therefore, cash flows from operating activities=$250,000+$7,000+$7,500

cash flows from operating activities=$264,500

Rachel's net cash flows from operating activities would be $264,500

8 0
2 years ago
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