An accounting firm has 780 hours of staff time and 272 hours of reviewing time available each week. The firm charges $1500 for an audit and $200 for a tax return. Each audit requires 60 hours of staff time and 16 hours of review time. Each tax return requires 10 hours of staff time and 4 hours of review time. What numbers of audits and tax returns will yield an optimal revenue? audits tax returns What is..the..optimal revenue? x | Submit Answer
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- c. Intuit Inc. develops tax preparation software that it sells to its customers for a flat fee. No further Explain when each of the following businesses fulfills the performance obligations implicit in the sales b. Oracle Corp. develops general ledger and other business application software that it sells to its E5-34. a. RealMoney.Com, a division of TheStreet Inc., provides investment advice to customers for an up front fee. It provides these customers with password-protected access to its website, where they 01 Assessing Revenue Recognition Timing and Income Measurem contract and recognizes revenue. Identify any revenue measurement ISsues that could arise can download investment reports. RealMoney has an obligation to provide updates on its they customers. The customer pays an up-front fee for the right to use the software and a monthly its support services. payment is required, and the software cannot be returned, only exchanged if defective. d. Electronic Arts develops and sells…The desire to maximize profits can work against racial and other types of discrimination. To see why, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month. Instructions: Enter your answers as a whole number. In part b, round your answer for profit rate to 1 decimal place. a. Suppose that for any accounting firm that hires either Ted or Jared, all the other costs of performing an audit (besides paying either Ted or Jared) come to $1,000 per audit. If the going rate that must be paid to hire an accountant is $7,000 per month, how much will it cost an accounting firm to produce one audit if it hires either Ted or Jared to do the work? $1,700 b. If the market price that accounting firms charge their clients for an audit is $1,800, what would the accounting profit per audit be for a firm that hired either Ted or Jared? $ 100 What is the profit rate as a percentage? 5.88 percent c. Suppose that firm A…Company has implemented a new “bonus scheme” during the year, whereby the directors would be awarded a bonus of a percentage of the profits for the current year if they could exceed the previous year’s profit by 25%. Required: i). Which component of the Audit Risk Model (ARM) would be affected, and how? ii). Discuss how your audit plan would be affected.
- 35 * A public accounting firm like SGV & Co., can legally hire engineers, lawyers and other non-CPAS and offer them a big salary. h. A CPA practitioner can ethically compute his professional fee at 10% of the client's 8. True or False. Write true if the statement is correct; or false if the statement is incorrect. audited net income. If true, explain in one(1) or two(2) complete sentences, and if false, correct the statement in at least one(1) complete sentence. i. A CPA practitioner can ethically compute his professional fee at 10% of the company's refundable tax adjustment. a. The name of one or more previous partner may still be included in the name of the j. A CPA practitioner cannot ethically compute his professional fee on the basis of a contingency like a bank loan approval for the client who requested the audit. present partnership. b. A partner surviving the death or withdrawal of all other partners may continue to k. Non-CPAS can ethically share in the profits of the MAS…Compute: 1. The minimum required return by Cross-Ocean’s preferred shareholders 2. The overall minimum required return for Cross-Ocean’s stakeholdersthere are 5 seperate scenarios by the way. Thank you! #1. Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee, Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. Required1. Identify the parties potentially affected by this audit and the fee plan proposed.2. What are the ethical factors in this situation? Explain.3. Would you recommend that Thorne accept this audit fee arrangement? Why or why not?4. Describe some ethical considerations guiding your recommendation. ______________________________________________________________________________________ #2 Amy Martin is a student who plans to attend approximately four professional events a year at her college. Each event necessitates payment of $100…
- Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.4. Comment( ethical or unethical) on the following computations of the auditor's professional fee: a. 10% of the client's tax adjustment b. 10% of the client's audited net income c. waiving of professional fee 5. What is the primary objective of the audit engagement letter? Give two(2) possible reasons why the auditor should be initiating the audit engagement letter similar to pages 27-28 Why should the audit engagement letter be renewed periodically? 6. Luzon, Inc., a publicly held company wishes to engage J. Cruz, a CPA, to examine its financial statements. Luzon was generally pleased with the services provided by its prior CPA, Dizon, but though the audit work performed was too detailed and interfered excessively with Luzon's normal office routines, Cruz asked Luzon to inform Dizon of the decision to change auditors, but Dizon did not wish to do so. REQUIRED: Describe the three(3) kinds of written communications to be accomplished by the receiving accountant to the existing…You are an audit manager of Cranberry & Co and you are currently responsible for the audit of Gooseberry Co, a company which develops and manufactures health and beauty products and distributes these to wholesale customers. Its draft profit before tax is $6·4m and total assets are $37·2m for the financial year ended 31 January 20X8. Question You are an audit manager of Cranberry & Co and you are currently responsible for the audit of Gooseberry Co, a company which develops and manufactures health and beauty products and distributes these to wholesale customers. Its draft profit before tax is $6·4m and total assets are $37·2m for the financial year ended 31 January 20X8. The final audit is due to commence shortly and the following matters have been brought to your attention: Research and development Gooseberry Co spent $1·9m in the current year developing nine new health and beauty products, all of which are at different stages of development. Once they meet the recognition…
- You are an audit supervisor of PricewaterhouseCoopers (PwC) and are planning the audit of your client, Blister Pharmaceuticals co. which manufactures and imports sanitary and cleaning products (gloves, sanitizers, etc). Its year end was 31 July 2020 and the draft profit before tax is Rs 33.6 million. You are supervising a large audit team for the first time and will have specific responsibility for supervising and reviewing the work of the audit assistants in your team.Blister Pharmaceuticals Co purchases most of its raw materials from suppliers in Africa and these goods are shipped directly to the company's warehouse and the goods are usually in transit for up to three weeks. Due to the COVID-19 Pandemic, the company has incurred Rs 1.3 million of expenditure on developing a new range of cleaning products used for dis-infection purposes which are due to be launched into the market place in November 2020. In September 2019, Blister Pharmaceuticals co. also invested Rs 0.9 million in a…6 Becky and Carl work for a marketing firm. The two accountants discuss the organization’s financial performance. Carl asks Becky, “What’s the bottom line?” Becky reviews a financial report that shows the firm’s profitability over the last quarter. The document Becky reviews is called the Multiple Choice tax return. ledger. audit. income statement. 7 Diedre works at Sally’s Autobody Workshop. Her main job responsibility is to record the routine, day-to-day business transactions of the firm. Based on this information, Diedre is a Multiple Choice tax accountant. forensic accountant. bookkeeper. CMA. 8 A new fitness company called Jump Athletics receives a trademark for its brand name. The trademark received by Jump Athletics is a Multiple Choice return on asset. current asset. liquid asset. fixed asset. 9 Rowena, a senior manager at Top of the Line Publishing, wants a quick snapshot of the company’s financial position before she goes to a manager’s meeting. In this case, which of the…not use ai please