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A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded
The primary objective of financial accounting is: a) To serve the decision-making needs of internal users b) To provide financial statements to help external users analyze and interpret an organizatio
What are the ethical ramifications of re-classifying investments? Give an example of when reclassifying a long term investment as a short term investment makes financial sense for the company.
Fir Enterprises paid $17,000 for the wood chipper and the asset currently has a book value of $8,000. The asset has a remaining useful life of 4 years, with no salvage value.Provide Sapling's entrie
Both D and E utilize a three-factor apportionment formula, under which sales, property, and payroll are equally weighted. Determine the amount of Milt's income that is subject to income tax by each
Write a memo (750-1,000) to your CFO indicating the outcome of such a change on current taxes and outlining the requirements for making this change.
The CPA firm auditing Bedford Company found that net income had been overstated. Which of the following errors could be the cause?
Of the following adjusting entries, which one results in an increase in liabilities and the recognition of an expense at the end of an accounting period?
Before any month-end adjustments are made, the net income of Friendly Company is $125,000. However, the following adjustments are necessary: office supplies used, $7,500; services performed for clie
Davis, Inc., a music group, entertained at a black-tie dinner dance on April 26, and collected the fee in full at the end of the evening. This transaction:
Ben Dryden, president of Jet Glass, Inc, noticed a $8,000 debit to Accounts Payable in the company's general ledger. This debit could correspond to:
Master Equipment has a $17,400 liability to Arrow Paint Co. When Master Equipment makes a partial payment of $7,600 on this liability, which of following is true about the journal entry made by Mast
Green Systems sold and delivered modems to Blue Computers for $660,000 to be paid by Blue in three equal installments over the next three months. The journal entry made by Blue Computers to record t
Determine the amount of Milt's income that is subject to income tax by each state. Make sure to calculate the full taxable income and show all calculations.
What were Szekelyi's ethical obligations to Reznor given the nature of the services provided? Which of the ethics standards in the AICPA Code should have been of particular concern to Szekelyi in pe
Describe three issues/problems that a company could encounter when trying to determine the actual cost of a good or service to be used in the cost of goods sold. For each of your issues, provide an
1. How would we determine the cost of normal spoilage so that we can record it in the general ledger? 2. How would we determine the cost of normal spoilage so that we can record it in the general ledg
Discuss a production process for a product that you think would involve spoilage, being sure to address the following points: 1. Describe the product and the production process. 2. Discuss how you wou
Analyze the effect of both full-cost and variable-cost transfer pricing methods on Phipps' cash flows using a spreadsheet program such as Excel. Make your recommendation as to how the organization s
Kim is evaluating her retirement plan. Suppose she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Nellie is evaluating a potential bond purchase that the seller purchased 12 years ago for $4,000. The bond matures 8 years from today. It has a face value of $10,000, pays quarterly coupons with a c
a) Prepare a fixed budget income statement for the planned level of sales and production. b) Prepare a fixed budget income statement for the actual level of sales and production.
Earnings on pooled investments for the six months ended June 30 totaling $300,000 were received in cash. 1) What percentage interest in the pool is held by the town and the school district?
What other tax revenue systems could you consider? How do you think they would be better or worse?