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Summarize the events of a recent accounting scandal. Identify how the illegal/unethical act was detected and the punishments that resulted (fines, prison terms, etc.). Consider what could have been done to detect this act earlier and what could have been done to prevent this from happening in the first place. Select a different example than those listed on previous posts.
On January 1, 2014, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the following transactions during January.
John's specialty store uses a perpetua; inventory system. The following are some inventory transactions for month of May 2009: 1. John's purchased merchandise on account for $5,000.
What type of inflation accounting do you favor under high inflationary periods? Do you think tax allocation can improve the prediction of future tax payments in the short run? What are the economic consequences of SFAS No.87?
What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
Iota Co. initiated a defined benefit pension plan at the beginning of the current fiscal year. Prior service cost was $240,000, of which $80,000 was amortized, and service cost was $60,000.
A corporation may obtain a machine by leasing it for six years (the useful life), paying an annual fee of $3,000, or by purchasing it for $12,000.
Accompanying the bank statement was a debit memorandum for bank service charges. On the bank reconciliation, the item:
The common stock has voting rights. The preferred stock does not. a. Is the exchange nontaxable under Sec. 351? Explain the tax consequences of the exchange to Al, Bob, Carl, and West.
in harley company it costs 28 per unit 18 variable and 10 fixed to make a product that normally sells for 40. a foreign
Calculate Alexandra's maximum depreciation deduction for 2011 for the computer, assuming she doesn't make the election to expense or take bonus depreciation.
The following product line information is for the Swiss Watch Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales reven..
A new employee suggests that Racer Industries sponsor a company 10-K as a form of advertising. The cost to sponsor the event is $7,200. How many more units must be sold to cover this cost?
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