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What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization? How do these differences and similarities affect the comparability of financial reports? Should these reports be comparable? Explain your response.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
There are several factors that affect an audit firm's risk and therefore acceptable audit risk. What are these factors? How do they affect our audit planning?
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Estimate the effects of falsifying records, diverting cash to ghost employees, and duplicating expenses on a small, midsize, and large business.
the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.
A loss of $35,000 from the sale of equipment would be included in which of the activities sections of the statement of cash flow.
Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it as: How should depreciation be recorded? Do you support Boland o..
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Discuss the PEMDAS order of operations in mathematics. What is PEMDAS and why is important to follow it to the letter when conducting mathematical operations?
The U.S. Tax Code has evolved over time to include many credits and deductions. Certainly, the legislative process encourages offering tax benefits for certain behavior, such as buying a new car or home, investing in manufacturing equipment, and s..
The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.
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