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Question 1: For many years, accountants argued whether stock options and the like were actually compensation to officers. The argument against compensation was the fact it was only "stock" and not an actual expense. Do you feel it is really expense, or just additional stock offerings, by the corporation?
Neal Hastings established Ember Services, P.C., a professional corporation, on January 1 of the current year. Describe each transaction. What is the amount of the net income for January?
What type of reorganization has taken place? Describe the tax consequences to Taylor Corporation, its former shareholders, and Superior Corporation.
Write the journal entry to show the effects of (a) signing the note and the receipt of the cash proceeds on Aug 1, 2009. (b) Recording the interest expense for the month of September. (c) Repaying the note on December 31, 2009.
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,200 of prepaid cards in Janu..
Analyze the major pros and cons of preparing company budgets. Determine at least 2 critical budget items that you believe are essential in managing a company
Your client is a parent who lent $40,000 to her son to provide a short-term housing loan. The agreement is that the son will repay $50,000 at the end of five years.- Only one cheque was presented for the total amount.
Calculate break-even in units, calculate break-even in pounds if the sales price increases by 10% and fixed costs increase by £12,000.
Fatima has an annual contract with Simpson Insurance Brokers to provide property maintenance services; this includes lawn care, snow removal and parking
Stockholders invested $50,000 cash in the business in exchange for common stock of the corportion and purchased Arnie's Golf Land for 38,000 cash. the price consists of land 23,000, buliding 9000.
On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00.
After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to:
Provide a rationale for the stock that you selected, indicating the significant economic, financial, and other factors that led you to consider this stock.
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