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FASB allows companies to use either the indirect or direct method in reporting operating cash flows. Note that both methods produce the same total cash, and that the financing and investing sections are exactly the same for both methods. Do the two companies use the direct and/or indirect method in reporting operating cash flows?
Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months.
There was no beginning inventory at 1/1/09. Production was 20 units per year in 2009-2011. Sales was 20 units in 2009, 16 units in 2010, and 24 units in 2011. Income under absorption costing for 2010 is:
why would depreciation be more for tax purposes than for book? Is this legal? If so, is a company required to have different depreciation methods for book and tax purposes?
Yola Company manufactures a product with standards for direct labor of 4 direct labor-hours per unit at a cost of $12.00 per direct labor-hour. During June, 1,000 units were produced using 4,100 hours at $12.20 per hour. The direct labor efficienc..
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
Was the gain realized by the shareholder on the exchange recognized by the shareholder? Yes or no, and why or why not?
Which of the following is an example of managing earnings up?
In each of the following independent situation, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2011.
Homeville Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
Explain the problem with authority and resoning
Apollo Shoes is satisfied with the services your firm offers and wants to continue with the audit. Apollo Shoes would like you to prepare a letter explaining how you plan to begin the audit process.
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