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Art plans to leave the profits in the business for several years, sell the business, and retire. Would you advise art to incorporate the business or operate it as a sole proprietorship? Provide reas
The discount rate for the plan for this year was 10%. Service cost for 2009 was $80,000. Plan assets (fair value) increased during the year by $45,000 Required: Determine the amount of the PBO at De
Ms. Gorgeous is sure that she should be able to deduct the cost of the cosmetic enhancements because she read about another actress having a face lift in 1988 and deducting the cost on her tax retur
Fiore reported net income of $400 in 2009 and paid dividends of $100. Assume the initial value method is applied. How much will Kaye's income increase or decrease as a result of Fiore's operations?
Using the gross profit method, estimate the cost of Rapp's inventory at the time of the theft.
On September 1, 2007, the Blue Streak Airline paid eight months rent to its landlord in advance. Blue Streak's bookkeeper recorded the transaction by decreasing the cash account and increasing the r
Lobster Liquidators wil make 500,000 if the fishing season weather is good, 200,000, if the weather is fair, and would actually lose 50,000 if the weather is poor during the season. if the weather s
What is the rationale for depreciating assets used in business? Do you agree with it?
Which of the following accounting changes should not be accounted for prospectively?
The machinery has an estimated life of five years and an estimated residual value of $3,600. What is B's 2009 depreciation expense?
When bonds include detachable warrants, what is the appropriate accounting for the cash proceeds from the bond issue?
During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What wa
A check for 4315 returned with the statement had been incorrectly recorded by Bonita Medical Co, as 3415. The check was for the payment of an obligation to Rowe Co for the purchase of office equipme
The owners of a corporation are its shareholders. If a corporation has only one class of shares, they typically are labeled common shares. Each of the following are ownership rights held by common s
What is total shareholders' equity at the end of 2009?
The common stock account on a company's balance sheet is measured as:
Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hol
What are Ruby's options as to the carryover of the NOL?
What are three popular methods for determining advertising dollars for a budget? Please provide an example of how ONE of these three methods could be used for a company that manufactures Heavy equip
The Accounts Payable account has a beginning balance of $12,000 and the company purchased $50,000 of supplies on account during the month. The ending balance was $10,000. How much did the company pa
What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method?
Erickson, Inc. sells pluming supplies to contractors in the northeast region of the United states. Each month, the IT division at Erickson prints monthly statements and sends them to the accounts re
After the first year, the rent continues at $6,000 per month. Provide the entries required to record the lease payments for the first year on the books of
Revenues for the year totaled $88,500 and expenses totaled $40,500. Stockholders invested $15,000 in the company in exchange for stock during the year. What is the amount of net income or loss for t
Jasper's unadjusted trial balance reports Unearned Client Revenue of $3,200 and Client Revenue Earned of $29,000. An examination of client records reveals that $2,800 of previously unearned revenue