Fraud Examination
Fraud Examination
6th Edition
ISBN: 9781337619677
Author: Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.
Publisher: Cengage,
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Chapter 2, Problem 18MCQ
To determine

The element not part of a fraud.

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Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $20,000 of legal services for a client. Hank typically requires his clients to pay his bills immediately upon receipt. Assume his marginal tax rate is 32 percent this year and will be 37 percent next year, and that he can earn an after-tax rate of return of 12 percent on his investments.  a. What is the after-tax income if Hank sends his client the bill in December?            b. What is the after-tax income if Hank sends his client the bill in January? Use Exhibit 3.1. (Round your answer to the nearest whole dollar amount.)            c. Based on requirements a and b, should Hank send his client the bill in December or January?       multiple choice December January
Assets minus liabilities equals __________.
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Fraud Examination

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