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Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan. His bill would scrap the current tax system and replace it with a flat 9% corporate income tax, a 9% tax on individual income and a 9% national sales tax (Skousen, M., 2011).
In your opinion, what impact would this tax plan have on the corporation?
Describe the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this. Evaluate the specific accounting principles (GAAP).
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.
Would you please give me some thoughts about this topic: essay discussing the benefits of moving into IFRS from GAAP or some difficulties on doing it.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Which of the following is an example of a variable cost?
What is the formal definition in the glossary of the term "Current Assets?" Provide one drill-down reference from the Master Glossary for where the term "Current Assets" is used in the Codification.
What technique of accounting should Web-Browser use to account for its investment in Internet Access at 31 st December, 1998, and June 30, 1999 (i.e., cost or equity method)?
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
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.
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Which of the following government transfer payments is included in the recipient's gross income? Which of the following expenditures is not a medical expense for federal tax purposes?
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