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Discuss the similarities and differences between the indicators of finance leases under IFRS and the criteria for capitalizing leases under U.S. GAAP.
Many times the sale of inventory is referred to as upstream and downstream. However, how is it treated if it is from one sub to another? Is the sale of inventory from one sub to another treated in the same manner as an upstream or downstream sale?
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
When designing an information system, the designers are increasingly concerned with the risks associated with technology and information system. Write a memo to the Vice President explaining to him the general nature of risk.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
Write a strategy on how GM should operate its financial aspect of the company to improve sales.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.
Discuss whether or not these additional disclosures will both have a positive impact on public confidence and influence investors' behavior. Support your position.
Current social trends in corporate taxation have a tremendous impact on how corporations run their business activities. For instance, tax liabilities will affect where a corporation runs its activities-in the United States or in a foreign country-..
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
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