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1. Explain the Constructive Receipt Doctrine.
What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.
2. What role does the Internal Revenue Service play in interpreting, and providing guidance on, the tax law?
3. What types of tax law guidance are published by the IRS?
A company accomplished an early extinguishment of debt, and the auditors believe that literal application of SFAS No. 98 would cause recognition of a loss that would materially distort the financial statements and cause them to be misleading.
Describe a situation where managers would benefit from using variable costing instead of absorption costing. What specific benefits would the managers realize?
Prepare a sales budget for the first quarter of 2009. Determine the amount of sales revenue Dorough will report on the first of 2009 quarterly pro forma income statement.
Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization. Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?
Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that inventory is as follows: What should be the carrying value of Montana's inventory?
Give the journal entries to issue the bonds and pay each of the first two interest payments to bondholders.
To adequately plan an audit, the auditor should obtain sufficient knowledge of the client's business to understand events, transactions, and practices that may have a significant effect on the financial statements.
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
How does the auditor's responsibility for detecting errors differ from their responsibility to detect fraud?
Prepare adjusting journal entries for the following and note the year-end balance in the allowance account. The allowance for uncollectible accounts has a $740 credit balance prior to adjustment.
Calculate the depreciation for these trucks for the 2010 and 2011 years under each of the following depreciation methods. The trucks are expected to accumulate 60,000 and 70,000 miles in years 2010 and 2011 respectively.
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