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You are the accountant for a division of a company that is constructing a building for its own use. It is January 2011, and you are working on closing the books for 2010. The CEO of the division stops by your office and says, "I have some question about our building. Although we started the construction at the beginning of June this year, we started planning it at the beginning of the previous year. I believe that we can capitalize interest since then. Check to see if we did capitalize some in 2009. If not, we can take it out of this year's expense and get a double dose. Also, I want you to add lots of overhead to the cost of the building so we can increase our profit for this year. For example, you spent quite a bit of time on the project. So perhaps we could add 1/12 of your salary to the cost of the building. You get the idea?" When the CEO leaves you check the files and find a letter to an architect dated January 2, 2009. There are numerous subsequent letters to and from the architect.
Discussion Board requirement: From financial reporting and ethical perspectives, how would you reply to the CEO? Include a discussion of the reasoning you used to support your stand on the ethical issues.
Compute the sales level that would generate a 20% return on investment. Supposing the rate of return is 15%, determine the level of sales that would generate $200,000 of residual income.
John and jean own 80 percent and 20 percent respectively, of palm Corporation stock. Thanks to their hard work, Plum's software sales have sky rocketed. In its first year of operation plum's earning were minimal, but four years later, Plum grossed..
The main reason to prepare a differnetial analysis report is to: a. Decide between two options b. See if there has been a difference in net income over a period of time such as 5-10 years'
Using Delta Airlines, discuss the portfolio associated with it (other products or services offered by the same company). Think of the associated products and apply them to the Boston Consulting Group's portfolio analysis grid. Which ones are stars..
The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge?
Prepare any necessary adjusting journal entries in Contemporary Designs accounting records as of December 31.
In the first month of operations, the total of the debit entries to the cash account amounted to $700 and the total of the credit entries to the cash account amounted to $300. The cash account has a _________
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012.
Rieger International is attempting to evaluate the feasibility of investing $ 95,000 in a piece of equipment that has a 5- year life. The firm has estimated the cash inflows associated with the proposal as shown in the table at the right. The firm..
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
What assumption or concept of the accounting conceptual framework has been violated if the owner of a company purcahses a tv for her own personal use on her own personal credit card. But she instructs her bookeeper to debit equipment and credit ca..
Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence?
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