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Southern Company's accountant failed to accrue as of 12/31/08 some employee fringe benefit program expenses that were incured in 2008 and that will be paid in 2009. The result of this ommision is to:
a. overstate the current ratio at 12/31/08 and overstate ROI and ROE for the year ended 12/31/08.
b. overstate the current ratio at 12/31/08 and understate ROI and ROE for the year ended 12/31/08.
c. understate the current ratio at 12/31/08 and understate ROI and ROE for the year ended 12/31/08.
d. not affect ratio at 12/31/08 but to overstate ROI and ROE for the year ended 12/31/08.
On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). P..
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When the financial vice president determines that early implementation of the standard will adversely affect the reported net income for the year, he discourages Hoger from implementing the standard until it is required.
Therefore, the S corporation sells the assets, resulting in a $90,000 capital gain, and liquidates. Assuming that Phil is subject to a marginal tax rate of 30%, what taxes are due?
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