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Explain the differences/similarities of journalizing and posting?a) Journalizing is done to the general ledger, although posting is done to individual ledgers.
b) Journalizing is done in the journal, although posting is done to individual ledgers.
c) Both processes require that you maintain a running balance of each individual account.
d) According to GAAP, all posting to the general ledger must be done by the end of the fiscal year, and journalizing is done monthly.
Ignoring income taxes, the amount reported in Horton's 2010 income statement as a result of Horton's available-for-sale investment in Lopez was:
In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:
Jennie purchased 50 percent of the shares of SJ Corporation, a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. For 2011, SJ Corporation had an operating loss of $22,000. What is the amount of SJ Corporation..
Cactus does not make any distributions during 2008, but had $200,000 of ordinary income. In 2009, ordinary income was $100,000 and distributions were $100,000. What is Tex's ordinary income for 2009?
The Fair Debt Collection Practices Act has four different types of collection practices. Explain who the legislation applies to and explain the four different collection methods.
With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.
What are some methods a business uses to determine if the activity is value added or not? How do you think business learn from customers (consumers) what is value added and what is not value added?
Discuss the U.S. tax consequences of each of the above items of income. Also, indicate how your answers would change if Harry held a green card.
Break even analysis utilizes both current and projected figures. In a rapidly changing economy, there are many individuals who are finding that their initial break even analyses were incorrect.
She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 2010 tax return?
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.
An adjustment to retained earnings as a result of a conversion of preferred stock to common stock most likely would occur when:
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