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In May 2015 Caregivers became involved in a tax dispute with the IRS. At Dec 2015 the tax attorney for Cargivers indicated an unfavorable outcome to the disput was probable. The additional taxes were estimated to be 770,000 but could be as high as 1,170,000. After the year end, but before the 2015 financial statements were issued, Caregivers accepted an IRS settelment offer for 900,000. what is the accrued liability Caregivers should report on it 12-31-15 balance sheet is?
On the first day of its fiscal year, Pedro Dynamite Co. issued $11,000,000 of the five-year, 9% bonds, semiannually. The bonds were issued at an effective rate of 12%, and received proceeds cash of $9,785,645. What would the first semi annul interest..
Based on Nike Inc's acquisition of Converse (shoe company): elucidate the amount of goodwill or other intangible assets derived from the transaction and explain whether or not you support that this value was created as a result of the business co..
She has a large amount of income from other sources and is in the 35% marginal tax bracket. Would Jane's tax situation be better if Good Co. Were a proprietorship or a C corporation? Explain why."
Five years ago, Forestcrest signed a consent decree with the North Carolina Environmental Protection Agency. The company had been convicted of dumping pollutants (such as bleaching and dyeing chemicals) into the local river. The consent decree provid..
A company reports the following operation results for sales for 1 month: sales $310,000 (units 5000); variable cost $210,000; and fixed cost $75,000. If they take 3 different courses of action which will produce the highest income? Compute the net in..
Larry Cable Inc. plans to introduce a new product and is using target cost approach. Projected sales revenue is $810,000 ($4.05 per unit) and target costs are $730,000, what is the desired profit per unit
the subsequent costs results from the production and sale of 4000 drum sets manufactured by vince drum corporation for
A machine costs $700,000 and is expected to yield an after-tax net income of $30,000 each year. Management predicts this machine has a 11-year service life and a $140,000 salvage value, and it uses straight-line depreciation.
Selk Steel Co., which began operations on January 4, 2013, had the following subsequent transactions and events in its long- term investments. Selk purchased 60,000 shares (20% of total) of Kildaire’s common stock for $1,560,000.
Fill journal entries appropriate to be recorded these transactions - In November sold $4,000 of gift cards. $700 of these was redeemed.
Explain how the perpetual and periodic inventory systems differ, especially in determining Cost of Goods Sold and Ending Inventory and how can the choice of the inventory costing method impact reported profits?
Prepare an Income Statement of Actual Results using Variable costing, determine the breakeven point in dollars and Calculate DOL.
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