Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

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Answer 1

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Answer 2

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Expert Solution & Answer

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Answer 3

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Answer 4

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 6

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Answer 7

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Answer 8

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Answer 9

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Answer 10

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 11

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 1 - Prob. 1MC Ch. 1 - Prob. 2MC Ch. 1 - Prob. 3MC Ch. 1 - Prob. 4MC Ch. 1 - Prob. 5MC Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - Prob. 4Q Ch. 1 - Prob. 5Q

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Solution Summary: The author calculates the percentage of return if firm was purchased for 300,000. The amount of dividend would affect the reported net income of financial statements.

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Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Chapter 1 Solutions