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Tinnell Industries has gross sales of $30,000 for the year. Its cost for the goods sold is $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
List some Accounting Information system (AIS) and Management information system.
Determine the amount of interest expense the restaurant will report on the June pro forma income statement. What amount will his restaurants report as interest expense on the July proforma income statement?
Suppose that Helen's marginal income tax rate is 28 percent. Compare her after-tax income and her group medical costs under three scenarios:
Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year. What amount of drawings was made?
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
What have you learned about how you work as an individual? How have you changed your behaviour or approach to the workplace as a result of what you have learned? How has this helped improve work outputs or business results in your area?
Better home products Canadian operations are organized into two divisions: west and east. west division sells a component that could be used by east division in making one of the company's principal products.
Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.
Explain the impact on internal controls if a company decides to "go public." What is the company doing right? Should they buy the indelible ink machine? What is the company is doing wrong? Make recommendations for improvement. Be sure to reference th..
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
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