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"Fred Oatly is the loan officer of National Bank of Dallas. National has a loan of $260,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all kinds on behalf of smaller companies. National's collateral on the loan consists of 35 small delivery trucks with an average original cost of $17,000.
Oatly is concerned about the collectability of outstanding loan and whether the trucks still exist. He thus engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly. She was engaged because she spends most of her time auditing used automobile and truck dealerships and has extensive specialized knowledge about used trucks.
Companies use straight-line depreciation
The Yellow Appliance Company, an accrual basis taxpayer, sold goods in December 2005 for $10,000 under terms which allowed the customer to return the goods and receive a refund within 60 days of the sale.
Explain how the perpetual and periodic inventory systems differ, especially in determining Cost of Goods Sold and Ending Inventory?
During the year the City ordered and received $4,000 of supplies (of which $3,000 had been paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for supplies at year-end. In the Statement of Budget to Actual, the expenditure..
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
Alan, Baker and Crowe formed Dexter Corporation during 2011. Pursuant to the incorporation agreement, Alan transferred property with an adjusted basis of $30,000 and a fair market value of $45,000 for 450 shares of stock.
Speculate about which specific types of corporate deductions are most likely to result in an IRS audit and what precautions should be taken to minimize the risk of audit. Provide a rationale for your response.
The estimated revenues control account of star city general fund is eliminated when:
Bigelow Industries manufactures swim caps. Their operating leverage is 3. Each cap sells for $10 and has a contribution margin of $6. They expect to sell 37,500 swim caps. Their fixed costs are:
Prepare the general journal entries to record the share issue and the purchase of the land and building on January 1 and the amortization expense on December 31, 20B.
Required: Given rectifying entries and prepares a suspense account.
Jason Thompson purchased an office building 10 years ago for $780,000. The building was just appraised at $1.25 million. What value should be used for the building in Jason's accounting records? Support your answer.
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