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At the beginning of the year, Penguin Corporation (a calendar year taxpayer) has accumulated E & P of $55,000. During the year, Penguin incurs a $36,000 loss from operations that accrues ratably
The bonds are to be accounted for under the effective interest method. (note: I know that the present value doesn't equal $428,800 precisely. That's okay. Just use the $428,800 for your effective i
Since many companies in the industry still have productivity levels of 100%, this doesn`t work. Instead, please assume that the productivity index will drop from 112% to 106%, and then use this decl
What is a government fund? What are the three classifications of funds and the various categories within each classification?
All materials are added at the start of production and the inspection point is at the end of the process. What is the cost per equivalent unit for conversion costs using Fifo?
Write a memo to your partner, citing the relevant tax authority, to explain how much of the $85,000 loss Mike can deduct on his tax return.
Why is the materiality of a transaction or an event a matter of professional judgement?
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are
Ahi can earn 7 percent after tax on its money, so the interest earned during these six days because of the float is $19,178 per day [($100,000,000 × .07/ 365 days]. Thus, the total interest ea
Prepare a memo for Chris and Tina discussing the tax treatment of the transaction involved with forming the corporation. Include documentation and support for your advice, including code and regulat
A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return. A customer ord
A company believes it can sell 5,000,000 of its proposed new optical mouse at a price of $11.00 each. There will be $8,000,000 in fixed costs associated with the mouse. If the company desires to mak
On March 1, 2005, Dodge retired $560,000 of these bonds at 98 plus accrued interest. What amount should Dodge record as a gain on retirement of these bonds.
Prepare the entry required on December 31, 2013, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.
(1) Employing the incremental method. (2) Employing the proportional method, assuming the recent price quote on the common stock reflects fair value.
The fair value of the land was $727,000 on January 1, 2004. Jefrey is uncertain as to the prevailing rate of interest for a note of this type. What should be the balance of the Discount on Notes Pay
What is the amount of the overall net gain or loss that Queen should recognize on the transfer of the equipment and settlement the of debt/forgiveness of interest?
Beehive uses the loan's historical effective rate to measure loan impairments. What is the amount of the loss on impairment that Beehive should recognize at June 30, 2006?
On July 1, 2007, Risen Co. issued 1500 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2007 and mature on April 1, 2017. Interest is payable semiannually on April
Comparing equity method to business consolidation, do you think management has an incentive to keep the option for electing equity method instead of consolidation?
Plymouth Company has a calendar year end. The entry to record the purchase of the bond investment on January 1, 2012, will include a debit to Long-Term Investment in Bonds for what amount?
To the nearest whole dollar, what should be the total sales commissions at a sales volume of 33,200 units? (Assume that this sales volume is within the relevant range.)
Discuss what valuation method you believe companies should use to value pension assets - Market-Rated Value or Fair Value. State at least three reasons for your position.
In the wake of all the accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in com
The CFO of your company has asked you to provide recommendation concerning which payment plan to accept. What is your recommendation? Assume your weighted-average cost of capital is 10%.