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Charlie Brown, controller for the Kelly Corporation, is preparing the company's income statement at year-end. He notes that the company lost a considerable sum on the sale of some equipment it had decided to replace. Since the company has sold equipment routinely in the past, Brown knows the losses cannot be reported as extraordinary. He also does not want to highlight it as a material loss since he feels that will reflect poorly on him and the company. He reasons that if the company had recorded more depreciation during the assets' lives, the losses would not be so great. Since depreciation is included among the company's operating expenses, he wants to report the losses along with the company's expenses, where he hopes it will not be noticed.
Instructions:
(a) What are the ethical issues involved?
(b) What should Brown do?
in january, Reyes Tool and Dye requisitions raw material for production as follows: Job 1 $900, job 2 $ 1,200, job 3 $700, and general factory use $600.
There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.
Kinnion Medical Clinic has budgeted the following cash flows, Kinnion Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000,
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Draw an Entity-Relationships Diagram. A commercial bakery makes many different products. these products include breads, dessert, specialty cakes, and many other baked goods.
Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
Does the president's request pose an ethical dilemma for the controller?
All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:
Calculate the gain or loss on the sale of the spray painter. Calculate the income statement effect, assuming that XYZ instead decided to give the spray painter to a charitable foundation.
Compare and contrast GAAP and income tax accounting. Describe how they are similar and why there are differences.
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