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Tom sells a business machine which he was owned for four years for $27,000. Tom purchased the machine for $42,000 and taken $18,000 in depreciation. How much and what type of gain will result from this sale?
You have been employed as an entry- level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use.
On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.
calculate the amount of net income Argentine Company should report for 2008 and 2009.
The CEO asks, "How can actual operating income be roughly 12% of the static budget amount when there are so many favorable variances?"
Is is important for a company to follow a strict budget even though they may be experiencing phenomenal profits. Do you think there will a bias towards greed when creating the budget for this company? Explain.
At the break-even point of 1,500 units, variable costs are $60,000, and fixed costs are $30,000. What would operating income be if 1,501 units are sold?
On April 3, 2008, Mark filed his 2007 Income tax return, which showed a tax due of $80,000. On June 1, 2010, he filed an amended retrun for 2007 that showed an additional tax of $10,000. Mark paid the additional amount. On May 18, 2011, Mark filed..
The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..
Due to the negligence of the other driver, Adam's car is completely destroyed, and he is seriously injured. Two days later, Adam dies from injuries suffered in the accident.
When questioned by the auditors, the CFO of ABC, Inc. mentioned "An asset is just an expense waiting to happen." Discuss the validity and implications of this statement.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company.
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