Jack works for Red, Blue and Green CPAs. Each year Red, Blue and Green asks Jack to fill out a form indicating all of his financial interests and those of his family members and close friends. Red, Blue and Green uses these charts to ensure that their auditors comply with the independence standards as described by the AICPA Code of Professional Conduct.
Interpretation 101-1 of the Code of Professional Conduct contains examples of situations that may impair an auditor's independence. Relationships are divided into three categories for purposes of the interpretations: immediate family, close relatives, and other relatives and friends. It is important for an auditor to understand how existing relationships fit into these categories so that the auditor can determine if there is an effect on his or her independence.
Understanding of relationships is of primary importance to understanding the auditor’s Code of Professional Conduct regarding independence. Place the following relationships into the appropriate category.

a) Immediate Family
b) Close Relative
c) Other Relative or Friend

Brother, Spousal Equivalent(domestic partner), college friend, Independent child, dependent parent, nephew, sister, cousin, golf partner, niece, grandfather, dependent child, spouse, roommate, mother, father.

Quantitative problem: you need $20,000 to purchase a used car. your wealthy uncle is willing to lend you the money as an amortized loan. he would like you to make annual payments for 4 years, with the first payment to be made one year from today. he requires a 8% annual return. what will be your annual loan payments? round your answer to the nearest cent. do not round intermediate calculations. $ how much of your first payment will be applied to interest and to principal repayment? round your answer to the nearest cent. do not round intermediate calculations. interest: $ principal repayment

Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.

Josie just bought her first fish tank a 36 -gallon glass aquarium, which she’s been saving up for almost a year to buy. for josie, the fish tank is most likely what type of purchase