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Why might overhead be under-applied and how can you prevent it? Explain predetermined overhead rate and show its computation. What is the best allocate base to use and why? What factors do you consider when deciding on an allocation base?
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
Ohare Company's only asset as of January 1, 2007, was limousine. During 2007, only three transactions occurred:
A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond iss..
Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
Suppose you have been employed into a new firm to oversee the accounting department. Explain what type of financial reports would you expect to see in your department?
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
Describe how investors report investments in equity securities when investor has controlling influence over an investee. (US GAAP)
Using Delta Airlines, discuss the portfolio associated with it (other products or services offered by the same company). Think of the associated products and apply them to the Boston Consulting Group's portfolio analysis grid. Which ones are stars..
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
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