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An auditor observes inventory held by the client and notes that some of the inventory appears to be very old but still in reasonable condition for sale. Which of the following conclusions is justified by the audit procedure?
I. The older inventory is obsoleteII. The inventory is owned by the companyIII. Inventory may need to be reduced to current market value
a. I only
b. II only
c. I and III only
d. III only
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for stockholders' equity.
What portion of the unrealized intercorporate profit is eliminated in a downstream sale? In an upstream sale? Explain.
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
Evaluate the GASB's views regarding how the total pension liability should be measured and whether or not you support these views? Explain your rationale.
Gandolph Game Company has established the following standards for the prime costs of one unit of its chief product, dartboards.
what is Dell's strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value.
Also during 2006 regional sells all the inventory pruchased in 2005 and 2006 to unrelated entities. What is the adjustment to cost of goods sold in the 2006 worksheet elimination?
What is the major difference between the current ratio and the acid-test ratio? Why is inventory removed from the acid-test ratio?
Top company holds 90% of Bottom Company's common stock. In current year, Top reports sales of $800,000 and Cost of Goods sold of $600,000. For this sam period,
Interest is at 12%. Assume cash flows occur at the end of the year. Calculate the total present value of the cash flows.
A company manufactures a single product. During year 2012, a total of 20,000 units of this product were produced and 15,000 units were sold. The sales price was $20.00 per unit.
In 2007, Delaney Company had revenues of $180,000 for book purposes and $150,000 for tax purposes. Delaney also had expenses of $100,000 for both book and tax purposes. If Delaney has a 35% tax rate, what is Delaney's income tax payable for 2007?
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