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We are all aware of the numerous accounting scandals that have made headlines over the past few decades; therefore, we must emphasize the importance of having ethics in the accounting world! Please share any unethical situations that you have personally witnessed or seen in your line of work.
In dealing with transactions between companies, accountants are required to make adjustments to nullify the occurrence. However, sometimes these transactions are a bit more complicated because non-controlling interests are present. Discuss fully the..
Rensing, Inc., has $800,000 of 5% preferred stock and $1,200,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2013 and 2014. As of December 31, 2015, it is desired to distribute..
Compute return on common stockholders equity for each year and (b) earnings per share for each year, and (c) discuss the changes in each.
An additional reserve of 10% of the net premium was made for the unexpired risks in the case of fire insurance in addition to the balance brought forward.
Hugh has the choice between investing in a City of Heflin bond at 6.30 percent or a Surething bond at 10.25 percent. Assume that both bonds have the same nontax characteristics and that Hugh has a 40 percent marginal tax rate. What interest rate does..
Master Grill sells free-standing gas grills plus installation to a customer's gas line for a total price of $700. The contract price includes a one-year warranty on the product.
Phil, age 30, is married and files a joint return with his spouse. On February 15, 2014, Phil establishes an IRA for himself and a spousal IRA for his spouse with a $10,000 contribution, $5,000 for himself and $5,000 for his wife. Phil’s spouse earne..
Sissie owns two items of business equipment. They were both purchased in 2010 for $100,000, both have a seven-year recovery period, and both have an adjusted basis of $37,490. Sissie is considering selling these assets in 2014. One of them is worth $..
What is the appropriate balance for the Allowance for Doubtful Accounts at year-end and how accounts receivable would be presented on the balance sheet.
By Using the above Project Data fill out attached form 1120S, form 1120C, 1125A, Form 1120, Form 1065 and 1065b.
Any difference between book value of net assets and the value implied by the purchase price relates to subsidiary property plant and equipment except for case
The matching rule relates to credit losses by stating that bad debt expense should be recorded and Long-term creditors are usually MOST interested
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