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During July, wage expense of $25,000 was reported on the income statement. If wages payable at July 1st was $2,000, and wages of $20,000 were paid during July, how much was accrued wages payable on July 31st?
How do the requirements originally established by SFAS N. 157 affect the use of fair value measurement in financial statements?
The net amount required to retire a bond before maturity (assuming no call premium and constant interest rates) is the:
Hawkeye Enterprises runs a chain of drive-in ice cream stand in Iowa City during the summer season. Managers of all stands are told to act as if they owned the stand and are judged on their profit performance.
If Congress reenacts additional first-year depreciation for 2010, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2010.
The common stock of EBM Corporation is $100 per share. The expected dividend on its stock in the current period is $5, and the firm's cost of common stock is 12%. What is the firm's dividend growth rate (assume that the growth rate is constant)?
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
Discuss whether the fact that the library building is in the historic part of town has any role in determining how to record and report the damage and repairs to the library.
The company is subject to state unemployment taxes at the rate of 2% and federal unemployment taxes at the rate of 0.8%. By May 15, some employees had earned over $7,000, so only $9,000 of the $20,000 weekly gross pay was subject to unemployment t..
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
1) Examine an auditing issue that is impacted by Sarbanes-Oxley. 2) Compare and contrast that issue before and after the Sarbanes-Oxley Act was implemented.
To which group can a CPA provide audit documentation without being subpoenaed and without the client's consent?
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