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Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of these items, list the assumption, principle, information characteristic, or modifying convention that is violated.
1. Because the company's income is low this year, a switch from accelerated amortization to straight-line amortization is made this year.
2. Sanchez Corp. decides to establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The possibility of loss is considered remote by its attorneys.
3. An officer of Sanchez Corp. purchased a new home computer for personal use with company money, charging miscellaneous expense.
4. A machine that cost $40,000 is reported at its current market value of $50,000.
Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $500. During June, Michael Martell, fund custodian, signs the following petty cash tickets:
You're a US company with a customer that is going to pay you 10,000 Euros in six months. The correct futures hedge for this condition is to enter in a contract in which you buy Euros (True or False)
Explain procedures for collecting accounting evidence, Explain the use of sampling in performing an examination Evaluate accounting evidence using analytical and inferential tools.
In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of $300,000.
Prepare the 2009 journal entries for all of the following transactions and adjustments. Show full computations. You can ignore dates if not given. Round all amounts to nearest dollar.
Explain what a Flat Income Tax System is and how it differs from progressive tax system?.What are advantages and disadvantages of a Flat Income Tax?
Compute the balance in the Accumulated Depreciation account at the end of 2013 using the straight-line method.
Explain the advantages and disadvantages of each set of performance measures. How do they must design the organizational architecture to control the agency problems?
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
What is the expected return of this asset? What is Esperanza's expected utility? What is her certainty equivalent? Suppose that Esperanza can purchase insurance that guarantees her a return of $4900 regardless of the return on the asset.
On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $25,000.
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
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