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Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
a) Net of tax after discontinued operations and extraordinary items.
b) As a component of income from continuing operations.
c) As an adjustment of the beginning balance of retained earnings for the current period.
d) By retrospective application if practicable.
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance.
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?
How much income must Barry report on his tax return for the current year? What is the character of income?
There are two stocks, stock A and stock B. The price of stock A today is $70. The price of stock A next year will be $50 if the economy is in recession, $80 if the economy is normal and $95 if the economy is expanding.
A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables?
a. What are the amounts and character of Tom's recognized gains or losses? b. What is Tom's basis in the Total stock and notes? c. What is Total's basis in the property received from Tom?
Compute the rate variance, the efficiency variance, and the total direct labor cost variance for each of these two months. (Input all amounts as a positive value.
Which of the following should be reported as a change in accounting estimate?
In each of the following independent situations, determine the dividends received deduction. Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends.
Help to develop flowcharts to show the flow of data into and from each of the four accounting systems analyzed. Explain the rationale and analysis behind the recommended course of action.
Will the CPA firm be liable to the creditors who extended the money because of their reliance on the erroneous financial statements if Newell Corporation should fail to pay them? Explain.
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