For each of the following situations based on sab no. 101, indicate the audit evidence that should be obtained to determine whether revenue should be recognized or not in the current period: the company you are auditing, thomson telecom, maintains an inventory of telecommunications equipment. bayone telephone company placed an order for 10 new transformers valued at $5 million, and thomson delivered them just prior to december 31. thomson's normal business practice for this class of customer is to enter into a written sales agreement that requires the signatures of all the authorized representatives of thomson and its customer before the contract is binding. however, bayone has not signed the sales agreement because it is awaiting the requisite approval by the legal department. bayone's purchasing department has orally agreed to the contract, and the purchasing manager has assured you that the contract will be approved the first week of next year.

What is the main role of ctsos at the local level? at the local level, the main role of ctsos is to encourage students to become urge them to programs and competitive events.1. a.internsb.traineesc.members2.a.participateb.trainc.win

Lo.2, 3, 9 lori, who is single, purchased 5-years class property for $200,00 and 7-years class property for $420,000 on may 20, 2018. lori experts the taxable income derived form the business (without regard to the amount expensed under ⧠179) to be about $550,000. lori has determined that she should elect immediate ⧠179 expensing in the amount of $520,000, but she doesn’t know which asset she should completely expense under ⧠179. she does not claim any available additional first-year depreciation. a. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 5-year class asset. b. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 7-year class asset. c. what is your advice for lori? d. assume that lori is in the 24% marginal tax bracket and that she uses ⧠179 on the 7-year asset. determine the present value of the tax savings from the depreciation deductions for both assets. see appendix g for present value factors, and assume a 6% discount rate. e. assume the same facts as in part (d), except that lori decides not to use ⧠179 on either asset. determine the present value of the tax savings under this choice. in addition, determine which option lori should choose. f. present your solution to parts (d) and (e) of the problem in a spreadsheet using appropriate microsoft excel formulas. e-mail your spreadsheet to your instructor with a two-paragraph summary of your findings.

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to