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Early in January 2011, the internal auditors for Arkansas Inc. discovered these errors and omissions in their review of the 2010 financial records. Arkansas Inc. has not yet closed its books for 2010.
1. A $1,600 sale made to Ed's Automotive in December, 2010 was incorrectly charged to the account of Ed's Upholstery.
2. A $21,000 premium for a one-year fire and extended coverage insurance policy covering the policy period May 1, 2010 to April 30, 2011, was initially recorded as expense and has not been adjusted.
3. The December 31, 2009, balance of accounts receivable was materially overstated by $18,000 as a result of an error.
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
Innova also incurs 5% sales commission ($0.35) on each disc sold. Mudd Corporation offers Innova $4.75 per disc for 5,000 discs. Mudd would sell the discs under its own brand name in foreign markets not yet served by Innova.
Yager and Boggs formed Y&B Company in 2012. Yager contributed a building with a fair market value of $97,000, a mortgage of $75,000 and an adjusted basis of $50,000 in return for 22 shares of Y&B Company stock.
Calculate the total indirect manufacturing costs for December from the information given above.
Prince Corporation purchased 960,000 shares of Smithtown Corporation's common stock (an 80% interest) for 21,200,000 on January 1, 2006. The 2,000,000 excess of investment cost over book value acquired was allocated to goodwill-Calculate the balan..
Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Are there any provisions that a company can take to avoid a big hit from audit findings for income taxes in future financial reporting periods - sort of a temporary holding accounts?
Swanson Inc. purchased $400,000 of Malone Corp. ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased
Pierre Imports will be liquidated. Its current balance sheet is given below. Fixed assets are sold for $900,000 and current assets are sold for $700,000.
Discuss the differences between unit-related, batch-related, and product-sustaining activities. Give one example of each type of activity.
Discuss how to calculate how much Marbury Bank loaned to the maker of the note and how must Marbury would receive when the note was rediscounted.
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
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