Sherrie, a member, performs various bookkeeping functions for her very small closely held clients including posting cash receipts and disbursements to the client's general ledger. The client provides Sherrie with copies of check stubs and deposit slips where the client has provided account codes that Sherrie merely records in the general ledger. In addition, on a monthly basis, Sherrie calculates adjusting journal entries for depreciation, amortization, and tax accruals and posts these entries to the client's general ledger. Which of the following statements is true regarding Sherrie's independence with regard to these bookkeeping clients? a. Sherrie's posting of client coded cash receipts and disbursements does not impair independence.
b. Sherrie's posting of adjusting journal entries does not impair independence whether or not she discusses them withthe client because these are routine accounting entries that small clients do not understand.
c. Neither of the described functions would impair independence under any circumstances.
d. None of the above statements is true.

Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncertainty.

Flounder supply company, a newly formed corporation, incurred the following expenditures related to land, to buildings, and to machinery and equipment. abstract company’s fee for title search $1,066 architect’s fees 6,499 cash paid for land and dilapidated building thereon 178,350 removal of old building $41,000 less: salvage 11,275 29,725 interest on short-term loans during construction 15,170 excavation before construction for basement 38,950 machinery purchased (subject to 2% cash discount, which was not taken) 112,750 freight on machinery purchased 2,747 storage charges on machinery, necessitated by noncompletion of building when machinery was delivered 4,469 new building constructed (building construction took 6 months from date of purchase of land and old building) 994,250 assessment by city for drainage project 3,280 hauling charges for delivery of machinery from storage to new building 1,271 installation of machinery 4,100 trees, shrubs, and other landscaping after completion of building (permanent in nature) 11,070 instructions determine the amounts that should be debited to land, to buildings, and to machinery and equipment. assume the benefits of capitalizing interest during constructionexceed the cost of implementation. indicate how any costs notdebited to these accounts should be recorded.

Carmax is a national chain that sells used cars. the likely impact of its arrival in the market would be to everything else held constant, this would likely the price of used cars.