Assume the current date is 3/25/2020. Tom, a new tax client, has hired you to prepare his 2019 income tax return. a. Upon reviewing his old returns, you noticed many errors. How would you answer the following questions?b. You determined that Tom has overpaid his tax on his 2016 Income Tax return because he failed to deduct his medical expenses. The additional tax refund to Tom would be $ 1,800. Tom filed his 2016 tax return on 3/1/2017. What is your advice?c. Tom’s 2015 income tax return contained an error in calculating a deduction. He underpaid his tax by $ 250, and is worried that the IRS will come after him. Tom filed the return on 7/18/2016. Does Tom have cause for concern?d. After talking about the 2015 return, Tom told you that he also had an issue on his 2014 return which was filed on 2/20/2015. The Gross income reported on his tax return was $ 50,000. Tom explained that he inadvertently left off $ 15,000 in income from the return believing that it was tax free. After discussing the item with you he now realizes this was taxable. Does Tom have cause for concern?e. You complete Tom’s 2019 tax return and he owes an additional $ 18,000 in tax. Tom tells you to file an extension, because he cannot pay the amount due in full. What is your advice to Tom?

What is the most important factor that affects the value of a company? a) cash flow b) earnings c) supply and demand d) number of employees

Alandowner entered into a written agreement with a real estate broker whereby the broker would receive a commission of 10% of the sale price if he procured a "ready, willing, and able buyer" for the landowner's property and if the sale actually proceeded through closing. the broker found a buyer who agreed in writing to buy the property from the landowner for $100,000, the landowner's asking price. the buyer put up $6,000 as a down payment. the agreement between the landowner and the buyer contained a liquidated damages clause providing that, if the buyer defaulted by failing to tender the balance due of $94,000 at the closing date, damages would be 10% of the purchase price. the landowner included that clause because she was counting on using the proceeds of the sale for a business venture that would likely net her at least $10,000. the buyer became seriously ill and defaulted. when he recovered, he demanded that the landowner return his $6,000, and the landowner refused. the broker also demanded the $6,000 from the landowner and was refused. the broker and the buyer filed separate suits against the landowner, with the buyer pleading impossibility of performance. the two cases are consolidated into a single case. how should the court rule as to the disposition of the $6,000?

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks