The AICPA's fundamental principles can be divided into four sections: purpose of the audit, responsibility of the auditor, performance of the audit, and reporting of the results
a. True
b. False
Indicate whether the statement is true or false
True
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The concept that assumes that an entity is not in the process of liquidation is__________
Fill in the blank(s) with correct word
Welsh Corporation wants to raise capital to invest in a new project. The capital investment in the project is estimated at $525,000. The firm plans to raise the needed funds by issuing new debt. It is required to pay its investment banker 5 percent of the issue's total value. How much debt does the firm need to issue??
A. $525,000? B. ?$552,632 C. ?$498,750 D. ?$551,250 E. ?$575,886
On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:
A.
| Cash | 3,920 | |
| Sales discounts | 80 | |
| Accounts receivable | 4,000 |
B.
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
C.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
D.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
E.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
Self-employed individuals may claim, as a deduction for adjusted gross income, 50 percent of their
A. self-employment tax. B. traditional IRA contributions. C. health insurance premiums. D. disability insurance premiums.