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1. A friend comes to you with the following plight: "I'm confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative and it is also increased with a debit. I don't get it." How can you straighten out your friend?
2. Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your answer.
3. York Inc. manufactures notebook computers and has experienced noticeable declines in the purchase price of many of the components it uses, including, computer chips. Which inventory costing method should York use if it wants to maximize net income? Explain your answer
Find the present value of rs.2000 due in 6 yrs if money is worth compounded semi-annually ascertain the present value of an amount of rs.8000deposited now in a commercial bank for a period of 6 yrs at 12 % rate of interest.
Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
Ted is the sole shareholder of a C corporation, and Sue owns a sole proprietorship. Both businessed were started in 2010, and each business sustained a $5,000 net capital loss for the year. Which of the following statements is correct?
Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
Which of the following statements most accurately defines taxable income from business operations?
Sonja is a United States citizen who has worked in Spain for the past 10 months. She received $5,000 a month as compensation. Her employer has offered to extend Sonja's contract to work in Spain for another 5 months at the same rate of pay.
Define the process you will use and address the following assessed classroom discussion questions: What procedures will be used to collect accounting evidence? What sampling tools and techniques will be used for the examination?
What is the usual tax treatment for a Passive Activity Loss.
Calculate the profitability ratios that can be computed from the above information.
Prepare journal entries for the sale of CBs, the estimated warranty cost, and the actual warranty cost incurred.
The net present value of a project's cash inflows is $9,456 at a 7 percent discount rate. The profitability index is 1.16 and the firm's tax rate is 35 percent. What is the initial cost of the project?
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