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Fernando-91859
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I would add that $50,000 tax expense will never be deducted so no deferred tax needs to be calculated.
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Janet-89765
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In my text it states in rare cases the going concern is considered to be so extreme or if there are multiple uncertainties where it is not possible to for an opinion on statements taken as a whole , so as to warrant a disclaimer of opinion. The answer chose for this question doesn’t appear to be correct.
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Kyle-31249
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Under new structure of the Audit report, reference to GAAS is in Auditor's responsibilities Section.
Caroline-91970
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There is a misspelling in the first answer to this question (20167)
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Gabriele-19406
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Wouldn't Theodore and Franklin be considered Qualifying Relatives? The TP provides more than 1/2 of their support. A Dependent is either a Qualifying Child or Qualifying Relative. Even if they don't qualify as dependent child, they still could be claimed for medical expenses and the new Credit for Other Dependents if they lived more than 1/2 of the year with the TP. The question does not indicate that they live on their own.
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Chris-15937
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How is the increase in Prepaid Insurance equivalent to subtracting that amount when working BACKWARDS from net income to calculate cash from operating activities?
If my operating cash for the year was $207, as the answer says, and I PAY OUT an extra $9 to increase my Prepaid Insurance by $9, as the problem states, that puts me at $198 cash for the year. Adding back the $6 for Salaries Payable puts me at $204 net income, not the $210 starting point stated.
Am I missing something here?
Ryan-12701
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Is an increase in valuation allowance always a tax liability?