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You are at a company picnic and the company president starts a conversation with you. The president says, "Since we use the perpetual inventory system, there is no reason to take a physical count of our inventory." What is your response to the president's remarks?
Cardon's Boat Yard, inc repairs store and cleans boats for customers. It is completing the accounting process for the year just ended November 30, 2912, The transactions during 2012 have been journalized and posted. The following data with respect..
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable an..
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
Delmar Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a:
Examine the purpose and importance of audit reports. Determine the stakeholders impacted by audit reports. Analyze the impact of audit reports for each category of stakeholders.
Review an annual report of a popular company ie. Target, Kohl's Bass Pro shops, and answer the following questions with references:
Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).
The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?
What benefits do you see for the U.S. economy in tax-sparing credits? Should it be expanded or reduced? Why or why not?
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?
What do you think is George Bush's desired conclusion? Make sure to include the computations of income. How can the discrepancies in parts (a) and (b), and the motivation difficulties in part (c) be diminished?
Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter.
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