Answer:
b) Fred must maintain records for 6 years from the year the return was filed
Explanation:
A person that prepares tax is required by the Internal Revenue Service to keep tax returns and supporting documents for at least 3 years.
However when the tax preparer fails to report correct income amount they are required to keep records for at least the last 6 years.
The underreported income must be greater than 25% of the income.
In the given scenario the Fred reported $10,000 instead of $13,500.
The unreported amount is $3,500
Percentage not reported = (3,500 ÷ 13,500) * 100 = 25.925%
So Fred will need to keep records for the next 6 years
Answer:
The LCNRV basis is justified because of a decline in the selling price of the inventory item
Explanation:
The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.
These costs includes cost of purchase, freight, Insurance cost during transit etc.
Subsequently, inventory is to be carried at the lower of cost or net realizable value.
This is justified where there is a decline in the selling price of inventory as it ensures that the amount stated in the books is fairly representative of the amount that may be realized from the sale of the inventory items.
Answer:
INCOME STATEMENT
Net sales $710
Cost of goods sold ($585)
Selling, gen & admin expenses ($39
)
Depreciation <u> ($13) </u>
EBIT $73
Interest expense <u> ($26
)</u>
Taxable income $47
Taxes <u> ($16
) </u>
Net income <u> $31 </u>
Balance Sheet
Property, plant, and equipment $525
Less accumulated depreciation <u>($121)</u>
Net fixed assets $404
Inventories $51
Cash $16
Receivables <u>$40
</u>
Total current assets <u>$107 </u>
Total Assets <u>$511</u>
Shareholders’ equity $94
Long-term debt $355
Payable $36
Debt due for repayment <u>$26
</u>
Total current liabilities <u>$62</u>
Total liabilities <u> $417 </u>
Total liabilities & shareholders’ equity <u>$511</u>
Explanation:
Sales and Expenses balances are included in Income statement. Assets, Equity and Liabilities balances are included in the balance sheet.
Answer:
Firm A should accept the project beacause it has high required rate of return which means low risk involved.
Explanation:
Rate of return = risk free return + Beta ( market risk premium)
Firm A
rate of return = 0.045 + 1.2 (0.07)
= 0.045 + 0.084
= 12.9%
Firm B ;
rate of return = 0.045 + 0.9(0.07)
= 0.045 + 0.063
= 10.8%
For every 100 company employees, there is typically one HR employee. Therefore, to cover all of the firm's HR concerns, a company with 500 company employees would need 5 HR professionals.
<h3>In a corporation, how many managers are there?</h3>
The four most prevalent types of managers are team leaders, top-level managers, middle managers, and first-line managers. The daily responsibilities of these positions vary, but so do their overall responsibilities within the organization and the types of employees they are responsible for managing.
<h3>What exactly is an HR professional?</h3>
An HR professional is a person employed to advance both the company and its personnel. The ideal HR professional will create, update develop, and manages corporate policies to ensure the benefits of his business and its employees while adhering to international labor standards and best practices.
Learn more about HR professional: brainly.com/question/28080701
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