Mary Ribukh was hired as a staff auditor of LGY and Company in 2005. In December 2012, he transferred to Quilava and Associates. In 2014, he returned back to LGY and Company until his retirement in 2020 at the age of 55. Question 1: Are the retirement benefits taxable to Anton? Question 2: Suppose he was terminated from employment due to dishonesty. Is the separation pay taxable to Anton? Question 3: Suppose he was terminated from employment due to the merger of the two audit firms Will the separation pay be taxable to Anton?   Yes, Yes, Yes No, Yes No No Yes, Yes Yes, No, No

On July 1, 2020, Ben entered a litigation case with Yona over unauthorized use of Yona’s latest technology. On September 1, 2020, Ben’s lawyers estimated that there is a 70% probability that Ben will lose in the next hearing that will be held on February 2, 2021. Ben stood to pay a maximum of $1,000,000 penalty by the court if proven guilty. Instructions: a. Why should Ben report this case on its Statement of financial position? b. How is the impact of this litigation Ben’s financial statement for 31 December 2020? c. If, October 15, 2020, the legal team finds new evidence for the claim against Ben, and revise the likelihood of Ben winning the case to 70%, how should this be shown in the financial statements?

Your spouse works part-time as a fashion designer for a clothing retailer that is an audit client. You are a covered member with respect to that client. In which circumstance, if any, would your spouse's employment at the client impair your independence? o If your spouse became a full-time employee. o If your spouse attended company events: O In any circumstance. O In no circumstance.

Pedro, an official of Corporation X, asked for an "earlier retirement because he was migrating to Australia. He was paid P2,000,000.00 as separation pay in recognition of his valuable services to the corporation. Juan, another official of the same company, was separated for occupying a redundant position. He was given P500,000.00 as separation pay. Jose, another employee, was separated due to his failing eyesight. He was given P800,000.00 as separation pay. How much is excluded from gross income? a. P500,000 b. P1,300,000 c. P2,000,000 d. P3,300,000

Sparrow Corporation would like you to review its employee fringe benefits program with regard to the tax consequences of the plan for the company's president (Polly), who is also the majority shareholder. For the following items, indicate what amount, if any, is included in Polly's gross income. If an amount is zero, enter "0".

The following information are available: 1. Cate did not bill yet the client for legal services rendered on December 28. On December 29, they won the case and billed the client on January 8, 2022 amounting to 74,780   2. Cate received 52,000 for the services that are yet to be performed on January 2022 to May 2022. 60% will allocate to legal and remaining to accounting. Cate did not record this transaction to her books.   3. A cafeteria is behind on space rental revenue, and this 10,000 of accrued revenues was unrecorded at the time the trial balance was prepared.   4. 34,840 of Unearned Rent account balance was still unearned at year-end   5. Computers and Equipment was bought on January 1, 2019 with 3,600 salvage value and estimated useful life of 6 years. Cate did not record yet any adjustments for 2021.   6. Building are being depreciated starting 2017 with 25,000 salvage value and estimated useful life of 40 years. Cate did not record yet any adjustments for 2021.   7. Actual…

Auchiel and Ben are working in patnership as accountants. Kuria gives auchiel ksh. 100,000 for investment in some good security. Auchiel hides this to co-partner (Ben) and misappropriates the money. Kuria files a suit on the firm for the recovery of his ksh. 100,000 in your opinion, will he succeed? Give reasons.

Question 19: Which statement is incorrect regarding wage garnishments? Answer: А. They are only ordered by a court or other legal proceeding. В. The amount of the garnishment is based on disposable earnings. С. The limit can be increased for child support. D. O If multiple garnishments are in effect, they are satisfied in the order in which they were received.

John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn’t declare income. Therefore, the income tax return that John’s prepared understated income tax liability.Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery.

Alex has unexpectedly been made redundant from his job as a gardener and is struggling financially. Explain three ways that unemployment can impact negatively on an individual’s self-concept.