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LO.2, 5 Al is a medical doctor who conducts his practice as a sole proprietor. During 2014, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2013. At the end of 2014, Al had accounts receivable of $60,000, all for services rendered in 2014. In addition, at the end of the year, Al received $12,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2015. Compute Al’s gross income for 2014:
a. Using the cash basis of accounting.
b. Using the accrual basis of accounting.
c. Advise Al on which method of accounting he should use.
As part of the audit, you must assess the operating effectiveness of controls related to the misstatement. Illustrate what additional information, if any, is needed to complete your assessment?
Compute the relevant cost of (a) making and (b) purchasing the component. Which alternative isles costly and by how much and What qualitative factors might influence the decision about whether to make or to buy the component?
Noelle decided she did not need the furniture and sold it to a neighbor six months later for $6,500. What is her recognized gain or loss?
Critically discuss whether or not it is in the best interests of PreFab (Pty) Ltd to have a transfer pricing arrangement whereby the Rental division acquires prefabricated units from the Manufacturing division at the same price that units are sold..
Because of the proceedings from the new shares and other improvements, earnings after taxes increased by 20 percent. Compute earnings per share for 2009.
1. on 1st january 2013 warren corporation had 1000000 shares of common stock outstanding. on 1st march the corporation
Master Budgeted income statement using Variable Costing and Overhead is applied on the basis of machine hours. The planned level of activity(denominator level) is 320,000 machine hours. The total budgeted fixed overhead is $800,000.
Purpose the analysis of give case study
Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Issued 10,000 shares of stock at par to Cathy Dewitt for cash.
questionthe bishop company has a balance in the warranty obligation account of 400000. an analysis of the products sold
question which depreciation method would result in the highest amount of income tax expense being paid in the first
question q1 a couple age 50 52 file a joint return for 2012 the couple claims their son as a dependent. the wife is
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