"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."1. 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?
2. Assume that Ticketmaster had properly accounted for revenue it received from the Springsteen concert. Should the auditors have asked Ticketmaster to make adjustments or disclosure regarding its sales practices/
3. Should Ticketmaster disclose the investigations being conducted in Connecticut and New Jersey?

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?

Bagwell's net income for the year ended december 31, year 2 was $189,000. information from bagwell's comparative balance sheets is given below. compute the cash received from the sale of its common stock during year 2. at december 31 year 2 year 1 common stock, $5 par value $ 504,000 $ 453,600 paid-in capital in excess of par 952,000 856,600 retained earnings 692,000 585,600

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