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There are several key internal controls over the timekeeping and payroll preparation function that should be present. For example, adequate control over the time on employees' time cards includes the use of a time clock or other method of making certain that employees are paid for the number of hours they worked. Discuss other key internal controls over the timekeeping and payroll preparation function.
The income from an equity investee is reported on one line of the investor company's income statement except when:
You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
Determine if you should open the retail shop in this vacant space. Include the break-even transactions, CM%, and the break-even dollar amount. Explain your answer (include rationale if your answer is yes or no).
In order to retain certain key executives, Staley Corporation granted them incentive stock options on December 31, 2012. 30,000 options were granted at an option price of $35 per share. Market prices of the stock were as follows.
Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2007.
Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2009, the company collected the following amounts applicable to future services:
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
Kettle Company has sales of $450,000, operating income of $250,000 average invested assets of $800,000, and a hurdle rate of 10 percent. Calculate Kettle's return on investment and its residual income.
In addition, during the year they drove 109 miles for medical transportation, and their insurance company reimbursed them $900 for the above expenses. Calculate the Murphy's medical expense deduction.
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2010, assuming an income tax rate of 40% for all years.
In a business combination accounted for as an acquisition, how should the excess of fair value of identifiable net assets acquired over implied value be treated?
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