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The case study:
Often Board and other committee volunteers for nonprofit organizaations are compensated for expenses during travel and meetings. Some think that this attracts volunteers for the wrong reasons. Engage in a discussion regarding the pros and cons of compensating board members and whether this is common practice for non-profits.
The solution cites a reference supporting that compensation is not a common practice. The pros to offering paid expenses is to ensure Board members and volunteers are not personal "out" a vast amount of money in participating in the organization's business needs. However, stringent policies must exist to outline what items will be paid for "upfront" or reimbursed, so that there is no abuse.
TD Industries has a piece of equipment that has a cost of $400,000. The equipment has accumulated depreciation of $305,000.
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories:
Someone purchased 320 shares of DNA at 35 3/4 from broker. He charges 1.6% for the transaction. Odd lot carry 1/8 of a dollar brokerage differential.
If you are currently with a company that uses some elements of a balanced scorecard, post this information to the forum for this assignment. Discuss the advantages and disadvantages of the presented information..
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitiga..
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
Elsie Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. Allocate the $31,680 joint cost to the spreadable butter and the buttermilk using the following (show work):
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