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Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, but Sam is insolvent. Which of the following statements is correct concerning the impact of this transaction?
A) Both Bob and Sam recognize $8,000 of taxable income.
B) Bob recognizes $8,000 of taxable income.
C) Sam recognizes $8,000 of taxable income.
D) Neither Bob nor Sam has any taxable income from this transaction.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
Calculate the cash dividends required to be paid for each of the following preferred stock issues: The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares authorized, issued, and outstanding.
A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000.
Design a proposal for the appropriate controls to cover accounts receivable. The proposal must be based on the Apollo Shoes case. Your reading of the Apollo Shoes case should include board minutes and auditor messages and notes.
How does the use of the accrual basis help organizations to better evaluate their performance over time? What protection could financial statements generated under the accrual basis have to a potential donor in the organization?
The office space is used equally by dye's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in dye's multiple-step income statement?
Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.
Identify the components of internal control to which each policy or procedure relates. For each item, identify one other policy or procedure for that internal control component that is not on the preceding list.
What are the implications of BP's strategy in terms of public perception and how may this impact upon their performance?
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
What was the amount of cash payments to stockholders during the year?
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
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