1. Under what circumstances a Record of Advice (ROA) can be used instead of a Statement of Advice (SOA)?
a. When providing further advice when the basis of advice has significantly changed from the advice in the previous SOA
b. If the advice is provided for free
c. If the advice involves investment of more than $15,000
2. The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2013: sales of $1,452,000, costs of goods sold of $816,000, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has a tax rate of 35 percent. Compute the cash flows to investors from operating activity. (Round answer to 2 decimal places, e.g. 15.25.)
Cash flow from operating activity