Mike is a CPA. Widget, Inc., is an accrual-basis taxpayer. In Year 3, while preparing Widget’s Year 2 return, Mike discovered that Widget failed to include income on its Year 1 return that Widget received in Year 2 but that should have been included in income in Year 1 under the accrual method of accounting. What must Mike do?A. Advise Widget of the error and the consequences of the error.
B. Include the income on the Year 2 return.
C. Refuse to prepare Widget's Year 2 return until Widget agrees to amend its Year 1 return to include the amount of income.
D. Change Widget to the cash method of accounting.

Colah company purchased $1.8 million of jackson, inc. 8% bonds at par on july 1, 2018, with interest paid semi-annually. when the bonds were acquired colah decided to elect the fair value option for accounting for its investment. at december 31, 2018, the jackson bonds had a fair value of $2.08 million. colah sold the jackson bonds on july 1, 2019 for $1,620,000. the purchase of the jackson bonds on july 1. interest revenue for the last half of 2018. any year-end 2018 adjusting entries. interest revenue for the first half of 2019. any entry or entries necessary upon sale of the jackson bonds on july 1, 2019. required: 1. prepare colah's journal entries for above transaction.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.

Emerson has an associate degree based on the chart below how will his employment opportunities change from 2008 to 2018