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1. A furniture manufacturer sells $500,000 worth of tables, chairs, and other items in a given year. The manufacturer earns a profit of $100,000 that year. His purchase invoices indicate that he bought $200,000 worth of lumber, varnish, nails, and other materials during the year. His labor costs were $150,000, and he purchased $50,000 of new equipment that year. Calculate his tax liability under a 15% consumption type VAT. Give examples of different types of alternative VATs, and explain their use.
2. What is a VAT? Give an example of VAT in other nations.
3. What is the difference between centralized and decentralized government? What are the advantages of a federal system of government?
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179. She only uses the most accelerated depreciation method possible.
Axel Corporation acquires 100% of the stock of Wheal Company on December 31, Year 4. The following information pertains to Wheal Company on the date of acquisition:
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
How much is debt service funds for payments of principal over the life of the bonds? How do you report the other?
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
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?
MBA 640 Exam 1: Spring 1, 2014: Determine whether Deep Blue should accept this special sales order. Identify long-term factors Deep Blue should consider in deciding whether to accept the special sales order.
To what years can the 2008, 2011 and 2012 net operating losses be carried back? What amount, if any, is available as a net operating loss to be carried forward?
A preliminary analytical review of the company's most recent balance sheet and income statement
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
Describe the following trade controls: Tariffs, subsidies, and quotas. How do these trade controls affect relationship of trading partners and what is their value in international business.
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