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You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals, in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You are there foreconsidering recording the transactions directly into the general ledger accounts. Is this ethical and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.
The underlying rationale for the alimony rules is that: 1. The fruit and tree metaphor should be rigorously applied.
Gamma Corporation, as S corp. has a fiscal year ending 03-31. It is required to switch to a calendar-year tax year. How many months of income would a calendar-year taxpayer be required to report in the year of change?
Arntson Corporation's net income last year was $7,975,000. The dividend on common stock was $8.20 per share and the dividend on preferred stock was $3.50 per share. The market price of common stock at the end of the year was $59.10 per share.
Prepare journal entries to record these transactions and adjustments for 2008 and 2009.
In the financial statements for its fiscal year ended December 31, Year 2, Investor should report a realized loss on disposal of the Investee Co. shares equal to:
in january, Reyes Tool and Dye requisitions raw material for production as follows: Job 1 $900, job 2 $ 1,200, job 3 $700, and general factory use $600.
John's basis in his stock is $25,000. What gain or loss will John and Bass Corporation recognize on the distribution of the land?
A bond with a five-year term to maturing, a 12 percent coupon (annual payments), and a market yield of 10 percent.
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was:
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. Prepare a bank reconciliation for the month of October. Prepare the necessary..
On January 1, 2012, a foundation made a pledge to pay $ 30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as a salary supplement for a well- known resear..
The most popular way for international expansion is for a local firm to acquire foreign companies. One of the most benefits for international expansion is global distribution capability that helps expanding the market share. In the meantime, domes..
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