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A company shows the following balances: sales: 800,000, sales returns and allowances: 125,000, sales discounts: 25,000, cost of goods sold: 481,000. What is the gross profit rate?
Depreciation of general capital assets is not recorded in the accounts of any of the governmental funds. If a building is transferred from the General Fund to an internal service fund because the character of its use changes, should the internal s..
Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Prepare a journa..
What's the difference between random error resulting from manual processing and systematic error resulting from IT processing?
In reviewing the tax credits , there are just as many for small businesses as for individual taxpayers, Explain how the IRS determines and measures the impact of enacting these credits on both types of taxpayers. Provide support for your opinion.
Medium Inc. had one class of stock outstanding. The one class of stock was owned 50 percent by Linda and 25 percent by each of Linda's parents.
Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
What are four safeguards that the ERISA legislation specified to address the many obstacles employees faced with pension plan funding? How did the Pension Protection Act add additional requirements to the protection of these plans?
Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. What is the company's margin of safety? What is the company's margin of safety as a percentage of sales?
Debt guarantees are: a) are considered to be a contingent liability. b) are never disclosed in the financial statement c) are a bad business practice. d) are recorded as a liability even though it is highly unlikely that the original debtor will defa..
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
For each of the following statements, identify the kind of market it describes. Employ an example from the readings or the internet for each characteristic and explain your choice.
What are the different measures of the Pension Obligation. What are the similarities/differences between these methods and why is the Projected Benefit Obligation FASB's choice?
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