Answer:
Compilations.
Explanation:
A compilation is part of the write-up service of accounting firms that involves conversion of data into financial statements without providing assurances or auditing services.
A compilation report usually accompanied the financial statements to show that data is well represented, and also to show that there has been no audit so the accountant is not giving an opinion.
So the CPA will not be violating independent rules by working on compilations.
Answer:
joint tenant
Explanation:
Based on the information provided within the question it seems that Jim is most likely holding his part ownership as joint tenant. This is a unique type of ownership in which more than one individual share ownership of a property. These individuals share the exact same amount of rights to do with the property as they wish. Which is why Jim was able to sign away his part of the ownership without informing the other owners.
Answer:
$109,000
Explanation:
Average Investment = ( Initial Investment + Residual Value ) ÷ 2
Therefore,
Average Investment = ( $218,000 + $0) ÷ 2
= $109,000
Answer: $30,923
Explanation:
From the question, we are told that as part of an initial investment, Jackson contributes accounts receivable that had a balance of $32,290 in the accounts of a sole proprietorship. Out of the amount, $1,367 is deemed completely worthless and for the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $848.
The amount debited to accounts Receivable for the new partnership will be the difference between the account receivable balance and the amount that was deemed worthless. This will be:
= $32,290 - $1,367
= $30,923
Therefore, the amount debited to Accounts Receivable for the new partnership will be $30,923
No, a deductive strategy involves giving a general principle or rule and showing how that will apply to the current situation.
