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Author Question: Bezone Corp is being alleged of tax fraud for the financial year 2015-2016. The ending net worth for ... (Read 95 times)

sdfghj

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on: Jul 6, 2018
Bezone Corp is being alleged of tax fraud for the financial year 2015-2016. The ending net worth for the period was 2.285m and beginning net worth was 1.595m. Expenditures (consumption) during the period amounted to 0.725m.
 
  The reported income in Bezone's tax return amounted to 0.69. Other legitimate sources of funds in the tax return reported an income of 0.31. Calculate the inferred unreported income using the net worth method of indirect proof.
  A) 0
  B) 0.725m
  C) 0.415m
  D) 0.075m

Question 2

Which data are generally not included on a check?
 a. Date of the check
   b. Signature of the party writing the check
   c. Address of the payee
   d. Amount the bank is to pay the payee
   e. Name of the bank on which the check was drawn


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jackie

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Reply #1 on: Jul 6, 2018
Answer to Question 1

C
Explanation: C)
Ending net worth 2.285m
Beginning net worth 1.595m
Change in net worth during the period 0.690m
Expenditures (consumption) during the period 0.725m
The sum of funds used for asset acquisitions and consumption (a) 1.415m
Income as per tax return 0.690m
Other income as per tax return 0.310m
Total reported income (b) 1.000m
Inferred unreported income (a) - (b) 0.415m

Answer to Question 2

c


sdfghj

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Reply 2 on: Jul 6, 2018
:D TYSM

31809pancho

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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