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During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years:
Completed-Contract Percentage-of-Completion
2006 $475,000 $800,000 2007 625,000 950,000 2008 700,000 1,050,000 $1,800,000 $2,800,000
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
What is the unit cost of a cup of lemonade if he anticipates selling 5000 cups during the courses the summer?
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
Linda is a qualifying widow in 2010. In 2010, she reported $75,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules?
On January 1, 2007, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquirer-Prepare the journal entries on the books of Phillips to record t..
The concept of operating leverage Signifies to which of the following?
On April 3, 2008, Mark filed his 2007 income tax return, which showed a tax due of $80000. On June 1, 2010, he filed an amended return for 2007 that showed an additional tax of $10000. Mark paid the additional amount. On May 18, 2011, Mark filed a..
The SEC currently requires foreign companies that list shares on U.S. exchanges to provide:
Write a 700-to 1050 word paper, which describes current trends in business communication. Be sure to address the following questions in your paper:
Discuss the qualitative concept of comparability. In your opinion, would the financial statements of companies operating in one of the foreign countries listed above be comparable to a U.S. company's financial statements? Explain.
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
The gross margin for a manufacturing company is the excess of sales over:
What is meant by variance power? Suppose that a charitable foundation receives a gift that the donor specifies must be used to support the college education of a particular individual. Of what relevance is variance power to how the foundation acco..
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