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A parcel of land is offered for sale at $148,000, is assessed for tax purposes at $110,000, is recognized by its purchasers as being worth $138,000, and is purchased for $135,000. The land should be
Anna and Jorge Peleo are in the middle of a bitter divorce. Anna's attorney called Sam Blakely, a forensic accountant, because he suspected that Jorge was hiding assets from the divorce. Anna claime
1) What is the purpose of the "Accumulated Adjustments Account (AAA)? What types of items increase it or decrease it?
The city of ocean oaks estimates that five percent of its property tax revenues are uncollectible. the city typically levies and collects all taxes within the year that the tax revenue is intended t
Gomez Company had a gross profit of $360,000, total purchases of $420,000, and an ending inventory of $240,000 in its first year of operations as a retailer. Gomez's sales in its first year must hav
To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explai
The board of directors declared and paid a $2,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
The accounts payable account has a beginning balance of $12,000 and we purchased $50,000 of inventory on credit during the month. The ending balance was $10,000. How much did we pay our creditors du
Gannon Company is considering purchasing a machine. The machine will produce the following cash flows: Year 1 $60,000 Year 2 $90,000 Gannon requires a minimum rate of return of 10%. What is the maxi
On 1/1/09 ABC Company sold $200,000 of 10% ten-yr bonds. Interst paid semiannually on 6/30 and 12/31. The bonds sold for $177,000. ABC records interest at the effective rate. What much bond interest
The corporation paid Patrick a salary of $360,000 during its fiscal year ending October 31, 2008. How much salary must Gander pay Patrick during the period November 1 through December 31, 2008, to p
If Allowance for Doubtful Accounts has a credit balance of $1,010 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivabl
A depreciable asset currently has a $24,500 book value. The company owning the asset uses straight-line depreciation. They paid $37,000 for this asset and consider it to have a $2,000 salvage value
If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?
Yvonne Corporation manufactures and sells ceramic dinnerware. The company also sells dinnerware that is purchased from unrelated foreign producers. During tax year 2008, Yvonne had a U. S. profit of
The beginning work in process inventory had a cost of $2,200. Determine the cost of completed and transferred out production, and the ending work in process inventory.
FASB rules allow for the changing of different methods of accounting, with no penalties, such as going from straight-line depreciation to accelerated depreciation; or, LIFO to FIFO inventory valuing
case 2 the company anticipates a $ 2 hike in the variable cost per unit all other thing being equal if the selling price remains constant what must happen to the firm's total fixed costs?
Write a short memo to the chief accountant, indicating whether and where each of the accounts in (a) would appear on the imcome statement or on the balance sheet at September 30,2011.
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them.
An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts with definitions an
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows Prepare jou
I assume that sales grow at the rate of inflation, capital expenditures are equal to depreciation, and that net profit margins and working capital to sales ratios stay constant." What pattern of ret
In a company with minority interest equity how is the preferred stock call premium addressed?
Lisa wants to invest a certain sum of money at the end of each year for five years. The investment will earn 6% compounded annually. At the end of five years, she will need a total of $40,000 accumu