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Discussion on IFRS, why choose IFRS? what is the advantages and disadvantages for developments company to follow IFRS?
Hendrickson Corporation reported net income of $50,000 in 2012. Depreciation expense was $17,000. The following working capital accounts changed.
Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..
Which of the following statements is true? Once adopted, an accounting period normally cannot be changed without approval by the IRS.
Silver Shades corporation disposes of a capital asset with an oringial cost of 115000 and accumulated depriciation of 62500 for a salvage price of 18000. Silver Shades tax rate is 30%. Calculate after tax cash inflow from the disposal of the capit..
For March, sales revenue is $800,000; sales commissions are 4% of sales; the sales manager's salary is $80,000; advertising expenses are $75,000; shipping expenses total 1% of sales; and miscellaneous selling expenses are $2,100 plus 3/4 of 1% of ..
The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made)?
The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.
The floor space of Rocky's residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, while expenses (other than home office) are $5,000. Expenses rel..
A change from the straight-line method of depreciation to an accelerated method should be accounted for as a(n)
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
The estimated residual value of the property is $80,000. During 2009, the company extracted and sold 4,000 tons of ore. The depletion expense for 2009 is:
Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
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