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Esquire Inc. uses the LIFO method to value its inventory.Inventory at January 1, 2013, was $500,000. During 2013, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2013. Esquire uses a periodic inventory system.Assuming an income tax rate of 40%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?
smith concrete company owns enough ready-mix trucks to deliver up to 120000 cubic yards of concrete per year
timothy is a 35 percent partner in the total partnership a calendar-year-end entity. timothy has an outside basis in
eln waste management has a subsidiary that disposes of hazardous waste and a subsidiary that collects and disposes of
Which section of the IRC describes the forms of substantiation a taxpayer must maintain in order to claim valid business-related entertainment expense deductions?
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.
In taking out a Trial balance, a book keeper finds that he is out Rs.1600 excess debit. Being desirous of closing his books, he places the difference to a newly opened suspense account. In the next period, he discovers the following discrepancies.
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 ..
a company uses activity-based costing to determine the costs of its three products a b and c. the budgeted cost and
Which of the following internal controls most likely would reduce the risk of diversion of customer receipts by an entity's employees?
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results-net income for the current year-over long-term success and company survival.
1. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entry to record the award of restricted shares on January 1, 2006.
farah snack co. has earnings after taxes of 150000. interest expense for the year was 20000 preferred dividends paid
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