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Salem realizes the importance of being a good corporate citizen and makes general contributions to worldwide charitable organizations. For 2009, Salem wants to contribute $1,500,000 to various charities. Based on 2008 tax laws, if Salem's taxable income before charitable contributions is $11,500,000 in 2009, calculate the charitable contribution allowance for 2009. Provide a recommendation to Salem management regarding tax implications of this contribution.
A clerk accidentally posts a prenumbered sales invoice of $625 as $265 to a customer's account. What control would detect this error?
Ted's Used Cars uses the specific identification method of costing inventory. During March, Ted purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each.
List the advantages and disadvantages of Public versus Private Financing.
Variable costs as a percentage of sales for Leamon Inc. are 75%, current sales are $600,000, and fixed costs are $110,000. How much will operating income change if sales increase by $40,000?
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.
Eagle Tools, Inc., the manufacturer of the gun, for product liability, on the ground of strict liability. What are the elements for an action based on strict liability? In whose favor is the court likely to rule?
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
The partners agree that the implied partnership goodwill is to be recorded simultaneously with the admission of Jack. What is the total implied goodwill of the firm?
The camera cost $9,000 and is expected to last four years. Assume that the camera has a salvage value of 900. Calculate Fairfolk's 2008 depreciation expense relating to the camera, using the double-declining balance method.
What financial information are such clubs likely to collect and maintain? Assuming that the club keeps manual accounting records; would you consider such systems accounting information systems? Why or why not?
Prepare a statement of financial condition for Mr. Holz as of December 31, 2008. Assume any gain on subsequent sale of the residence will not be tax-exempt.
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