Revenue Recognition and Ethics. The following article was published in Newsday on February
9, 2009:
Call for Probe of Ticket Sales
Bruce Springsteen fans were victims of a “classic bait and switch” scam by the nation’s
largest concert ticket seller, Senator Charles Schumer said yesterday, as he called for a
federal investigation into the company, Ticketmaster. Schumer wants the Federal Trade
Commission to look into whether the Ticketmaster website withheld the best tickets from the
public and then shuttled fans to TicketsNow, a fully owned subsidiary. TicketsNow had the
best seats available immediately—at sky-high prices—after Springsteen tickets went on sales
at 10 A.M. on February 2.
A federal investigation would look into whether Ticketmaster was instantly scalping the tickets,
never giving fans a chance to buy them at face value, Schumer said. Customers who tried to
buy tickets originally priced at $95 on Ticketmaster’s website were directed to TicketsNow
where they were priced at more than $2,000.
Since buying TicketsNow in February, Ticketmaster has faced similar criticism for its handling
of Elton John tickets in Canada and numerous U.S. concert tours, including Radiohead. Law
enforcement agencies in Connecticut and New Jersey have also launched investigations.
Required:
a. During the course of an audit, do you believe that the auditor should look into how revenues
are being generated? Do you think the auditors should have looked at the business
practices of Ticketmaster?
b. Assume that Ticketmaster had properly accounted for the revenue it received from the
Springsteen concert. Should the auditors have asked Ticketmaster to make adjustments or
disclosures regarding its sales practices?
c. Should Ticketmaster disclose the investigations being conducted in Connecticut and New
Jersey?

I need to cite, in APA format, a letter ruling and a revenue ruling. How do I cite those?

Rev. Ruling 84-18 and Letter Ruling 8536085. Both regard time limit on filing an IRA contribution.

2. Are rabbi trust subject to provisions of the Internal Revenue Service Code? If so, how would those provisions affect the structure of the trust?

what is the revenue recognition principle and expense recognition principle?

what is the accrual-basis accounting and the cash-basis accounting?

Adjusting entries-

When and why should adjusting entries be prepared?

What are the benefits of the adjusted-trial balance?

When the economy is in recession, government revenue falls due to a falling tax base. Therefore the proper role of government should be to increase taxes and cut spending so as to balance the Federal budget. Do you agree? Why?

“Money not backed by gold or silver is worthless paper and is a fraud committed against the people of the United States.” Critically evaluate this statement.

1. When the economy is in recession, government revenue falls due to a falling tax base. Therefore the proper role of government should be to increase taxes and cut spending so as to balance the Federal budget. Do you agree? Why?
2. “Money not backed by gold or silver is worthless paper and is a fraud committed against the people of the United States.” Critically evaluate this statement.

Explain the major difference(s) between revenue and gains and expenses and losses.

Please be as detailed as possible.

The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide specifics of when the remittances are due for the January and February bi-weekly payrolls starting with the first pay date of the new year which is Friday January 5th.

Marketing Lemonade Worksheet Scenario Your team is looking for a way to make some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. The product that you have decided to sell is lemonade. To make the endeavor work, you will have to define a marketable form of the drink and decide on a target market. Your marketing team's mission is to prove through research, strategy development, and reasoning why this form of this product is viable and will meet the company's goals. In the first half of this project, your team will complete this worksheet to report on the following: • Target market • Product’s definition to the target market • Viable pricing strategy • Brand's position in the competitive environment Complete the Following 1. Select a company name and determine the real business world industry of operation. Company Name Industry of Operation Phoenix Lemonade, Inc. A family owned corporation that distributes their lemonade varieties to various locations across the United States. You can find their brands anywhere from supermarkets to Gas Stations. Their mission is to provide unique flavors of lemonade that will stand out from their competitors.

Please respond to the Following question:

1. Discuss the maturity life cycle stages of your product in no more than 90 words for each stage.

Which of the following statements regarding closing journal entries is correct?

A) Revenue accounts are debited and the income summary account is credited.

B) Expense accounts are debited and the income summary account is credited.

C)Expense accounts are credited and retained earnings account is debited.

D)Revenue accounts are debited and retained earnings account is credited.  

Please explain