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Your department's accounting software is extremely outdated and you have included the purchase of new software in this year's fiscal budget. You have decided it is time to start looking into purchasing your company's accounting software and have chosen someone in your department to undertake the task. You want to draft a memo for your employee to help guide her in the purchasing process.
Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor.
Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:
If the audit engagement team determines that the scope of the investigation is not sufficient to support the preliminary conclusions reached, what additional procedures or inquiries might the engagement team suggest?
Describe the fiduciary activities of a state or local government and explain how accounting and financial reporting for fiduciary activities differ from those for governmental and business-type activities.
This is a tax research problem - Clyde had work for many years as the chief executive of Red Industries, and had also been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated.
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205.
If Michelle purchased 100 shares of Home Depot common stock at the beginning of January for $25. She received a $1.25 dividend payment from the company at the end of December. At that time, the stock was selling for $27.50 per share. What is the d..
Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following..
Banks have receivables that are the result of investing activities rather than sale or trade. We call these signed documents notes receivable.
Hassan Headgear is a baseball cap shop in Santa Cruz, CA, that began business on April 13, 2008. The company had the following inventory purchase records for the month.
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for..
You are preparing taxes for Tim, a business investor, and must calculate his adjusted gross income. Tim invested $10,000 in a business (only slightly less than the other investors) but is claiming a loss of $24,000.
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