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Explain to him why rate of return is fundamental to any long term business decision and why he needs to understand the how to use the present value method when making long-term decisions.
One of your clients was to form a new business. He spoke to his lawyer and was advised to check with CPA to determine the business form of organization. He gave you the following lists:
Prepare on Pioneer Company's books journal entries to record the investment related activities for 2014.
Consider the following information about a potential project: a) Calculate the project's return on investment. b) Based solely on ROI, is this project in the firm's best interests? Why or why not?
An individual, pursuant to a divorce decree, transfers ownership in his solely owned apartment building to his wife. The FMV of the property is $350,000, with an associated debt of $50,000. He purch
Hunter's Paradise purchased $568,000 of equipment 4 years ago. The equipment is 7-year MACRS property. The firm is selling this equipment today for $199,500. What is the aftertax cash flow from this
As part of the transaction, party 1 will transfer to the partnership the real property, plus the associated debt, for the partnership's real property plus $50,000 in cash. Please describe and comput
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternativ
What's the difference between random error resulting from manual processing and systematic error resulting from IT processing?
A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000,
(a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?
Calculate depreciation expense for 2012 and 2013 by each of the following methods, showing the figures used.
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
Prepared, in general journal form, all eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2014.
Snider company produces and sells two products: A & B in the ratio of 3A to 5B. Selling prices for for A & B are, respectively, $1200 & $240; respective variable costs are $480 & $16
The difference in income reported by the company can be $12,500, depending on the method used to determine cost of goods sold and final inventory values. Why? Please explain in the space provided.
Write a 7 page paper compare and contrast the accounting and reporting requirements between federal government, colleges, universities, and health care organizations. Be sure to include the limitati
Explore the start-up of a NFP organization. Also discuss the generally accepted accounting principles (GAAP) followed in preparing the required financial statements, and the differences between NFP
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did
How do the risks associated with network systems compare with the risks associated with centralized IT functions?
Rafael recently purchased a piece of land, a buildng and a truck for a lump sum of $600,000. The fair market value of the land was $180,000, the fair market value of the building was 500,000, and th
Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. She received only $360,000 because of a co-insurance clause in her insur
Land transactions are very common in consolidated groups. Explain the difficulties associated with accounting for land transactions between related/consolidated groups. What procedure should we foll
In 2012, Shera invested $20,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed. If Shera's share of the exp
How does opportunity cost enter into the make or buy decision? What would be an example of a decision that you might make in your personal life that would involve an opportunity cost? What decision