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Specifically, you are making a presentation about your role as an accountant. Describe for the students the primary objectives of accounting.
a) Explain the basic terminology of the accounting process or financial reporting.
b) Explain how accounting has affected your personal life emphasizing professional ethics.
c) Explain the role that technology has played in small business accounting.
Variable costs as a percentage of sales for Leamon Inc. are 66%, current sales are $612,750. and fixed costs are $189,751. How much will operating income change if sales increase by $49,790?
Doug pays a county personal property tax on his automobile of $1,500. The $1,500 includes $800 based on the weight of the car and $700 based on the value of the car. How much of the tax can Doug deduct on his tax return?
When you use an aging schedule approach for estimating uncollectible accounts:
Stone Co. began operations in Year 1 and reported $225,000 in income before income taxes for the year. Stone's Year 1 tax depreciation exceeded its book depreciation by $25,000.
King Co. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000; freight-in, $6,800; purchase returns and allowances, $4,800.
The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, year 1 is:
In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.
Adam, Barbara and Charlotte formed the equal ABC partnership; Adam and Barbara each contributed cash of $100,000 and Charlotte contributed land worth $130,000 with a basis of $120,000 and subject to a mortgage of $30,000. In the first year, (using..
What is the annual net cost of a monthly fee of $5, check processing fee of $.25, average 19 checks per month.
Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next nine years, how much will she have on deposit on April 14, 2021?
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
On January 3, 2008, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. What was the balance in the investment account before the shares were sold?
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