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On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:
Beginning inventory, July 1: $4,000
Net sales: $40,000
Net purchases: $41,000
The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
Ben and Jack both earned $60,000 this year. Ben (age 30) is married with two children, and Jack (age 68) is single with no dependents. Which of the following is true regarding the amount of Social Security taxes they will pay?
Prepare a sales budget for the first quarter of 2009. Determine the amount of sales revenue Dorough will report on the first of 2009 quarterly pro forma income statement.
Bill is cash basis calendar year taxpayer. Which of the following December items result in gross income or deductions for the current year?
Which is the following that is not true about closing entries?
You have been engaged to review the financial statements of Water Sync Inc. In the course of your investigation you find a number of irregularities during the current year.
Suppose that the sales mix changes to 40% Aye, 25% Bee, and 35% Cee, what would be the new overall contribution margin ratio for the company?
Discuss which approach to substantive testing you believe to be the most effective and indicate why. Create a way other than using confirmations for an auditing team to substantiate account balances and how the firm should go about implementing th..
Tylon's Hardware uses a flexible budget to develop planning information for its warehouse operations. Determine the 20X9 static budget variances. Determine the 20X9 flexible budget variances.
What is the role of social responsibility in finance for Michael Milken, Ivan Boesky and Martha Stewart? Describe how unethical behavior can go undetected by regulators and accountants. What are the implications of this to financial markets?
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
Which of the following should be reported as a change in accounting estimate?
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