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Steem Advertising Corporation acquires 100 laptop computers in 2012 for its account executives to use. Steem pays $300,000 for the computers and bundled software. You are a newly hired CPA and you expect to advise Steem on tax issues regarding tax years 2013 and 2014. Upon examining the firm's records for 2012, you find that each computer was expensed and deducted in 2012. Later when examining one of the computers, you notice it has several games loaded on the hard drive. Also, you find several items of personal correspondence saved in a subdirectory of the word processing package. What should you do? What are your obligations under the SSTSs?
The ability to add ghost employees to a company's payroll system is often the result of a breakdown in internal controls. What internal controls prevent an individual from adding fictitious employees to payroll records?
How do companies balance the need to maintain control over their payroll systems with the costs to implement controls to mitigate risks?
if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager...
Woods sold all of the Holmes stock for $17 per share on December 3, 2011, incurring $14,000 in brokerage commissions. Woods Company should report a realized gain on the sale of stock in 2011 of ??
Micro Chip Corporation (MCC) has a special PO Box for customer payment. Jane is responsible for: going to the post office every day, emptying the post office box, opening the mail, making a prelist, sending the remittance advices to accounts recei..
Bowa Construction's days sales outstanding is 50 days (on a 365-day basis). The company's accounts receivable equal $100 million and its balance sheet shows inventory equal to $125 million. What is the company's inventory turnover ratio?
How much of the $25,000 ordinary loss allocated to Parker clears the tax basis hurdle for deductibility in 2010? What is Parker's stock and debt basis at the end of 2010?
What ratio of debt to equity does the IRS use as a rule of thumb to determine whether or not there is too much debt to equity in the corporate structure?
Assume that the excerpts from the Powers Report shown in Exhibit 3 provide accurate descriptions of Andersen's involvement in Enron's accounting and financial reporting decisions. Given this assumption, do you believe that Andersen's involvement in t..
Which is better, statistical sampling or non-statistical sampling? Why? Should Generally Accepted Auditing Standards prescribe specific risk levels that auditors must use? Why or why not?
What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
Furthermore,the penalties and interest charged on delinquent taxes exceed the interest charges on the tax anticipation notes.
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