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Address the issue of using internal auditors in the future. Address what happens if there is no response to your confirmation. Address if you can accept electronic replies. This process should be de
she transferred to DA Inc., Susan received a payment of $10,000 and 10 additional shares of SDA Inc.'s only class of stock. How much gain was recognized by Debra as a result of this transaction?
What accounting factors are important before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
How much was the total dividend income received by the shareholder as a result of the distribution made by Smith Corpo?
The concept of operating leverage refers to which of the following? A. Operating income changes proportionately more than revenues for any given change in activity level. B. Operating income changes p
What internal controls would you recommend that would enable the resort's managers to prevent such offenses?
Bhaskar purchased a new factory building on September 10,2013 for $3,700,000. Five hundred of the purchase price was allocated to the land. He elected the alternative depreciation system (ADS). Dete
Wilburn Company reported the following data at year-end: Sales, $100,000; Beginning inventory, $8,000; Ending inventory, $6,000; Cost of goods sold, $60,000; and Gross margin, $40,000. What was the
Brian Bradley, a calendar year taxpayer, purchased 1,000 shares of Newton Corp. On October 23,2011, for $15,000. He sold these shares on January,20,2012, for $7,000. On each of the four days from Ja
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000. Gift taxes paid on the property were $3,000. What is Alfred's basis for
Bizarro sound company discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, compact disk players, and
1. Prepare a contribution margin income statement for the company 2. compute its contribution margin per unit and its contribution margin ratio
A city's Enterprise Fund issued revenue bonds with a face value of $10,000,000. The bonds were issued with a 2% premium and the issuance costs totaled $150,000. When the bonds are issued, the Enterp
Alternate valuation is not available to Ann's estate as all assets owned by Ann will pass, either under Ann's last will and testament or by operation of law, to Jack. What is Jack's basis in the rea
An investor purchases a 20-year, $1,000 par value bond that pays semiannual interest of $40. If the semiannual market rate of interest is 5%, what is the current market value of the bond
Green Co. pays a weekly payroll of $100,000 that includes federal taxes withheld of $40,500, FICA taxes withheld of $22,000, and 401(k) withholdings of $25,500. What is the effect of assets and liab
Harry pays $600 for airfare, $200 for meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as tra
regatta, Inc. has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company's b
Harden also prepaid $3,750 cash for expenses that would be incurred the next year. Calculate the first year's net income under both the cash basis and the accrual basis of accounting.
Depreciation is recorded on a straight-line basis at the end of each fiscal year. The useful life of the equipment is five years.
Calculate the inventory turnover ratio for 2010 using the LIFO and FIFO cost-flow assumption methods. Explain why the costs assigned to inventory under LIFO at the end of 2009 and 2010 are so much l
Explain the factors to be considered in determining when revenue should be recognized in measuring the income of a business enterprise.
What is the total cost of building 8 picture frames by a new employee using the cumulative average-time method? You may use an index of -0.1520.
Compute the balance in retained earnings at the end of the year if Adella Corporation pays a dividend of $2 per share on its common stock this year.
Greetings Online disposed of a van that cost $22000 with accumulated depreciation of $15000. The journal entry would be to: