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FASB rules do not allow for the keeping of two different sets of accounting records. Ethics maintain that there should be only one set of accounting records and that it be comprehensive. It is also illegal to maintain a separate set of accounting records that are different from those that are expressly for the purpose of presenting them to creditors, the SEC and your investors. Yet, current practice is to have one set of books for financial statement presentation and one set for the preparation of income taxes. Is this "kosher" and why do you agree or disagree with the practice?
Prepare a fixed budget income statement for the planned level of sales and production. Prepare a fixed budget income statement for the actual level of sales and production.
Compute the cost to retail percentage used by New York Sales Inc.
Three months later, after Smith & Jones has continued performing under the contract, the E-Business board of directors tells the accountants that it is canceling their contract. Smith & Jones files a suit against Dan and E-Business, alleging breac..
Explain the difference between the cash basis and accrual basis of accounting. Explain the difference between the cash basis and accrual basis of accounting?
Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..
Duluth Castings Company makes a product, X-tol,from two materials. Ticon and VF. The standard prices and quantities are as follows.
Mahtomedi Corporation is considering investing in specialized equipment costing $240,000. The equipment has a useful life of five years and a residual value of $20,000. Depreciation is calculated using the straight line method. The expected net ca..
Many corporations are emphasizing green technology in their operations. This often costs the company more money in terms of expenses. What are the legal and ethical implications of this?
Give the eliminating entries needed at December 31, 2008, to prepare consolidated financial statements.
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
Assuming there were no other adjustments to Ed's basis in the partnership in 2010 and 2011, what amount of partnership income (loss) should Ed show on his 2010 and 2011 individual income tax returns?
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