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1. You have formed a new sole proprietorship and your primary business is buying and selling fine art. Your business is not publicly traded so you can choose to use the cash basis method or the accrual method for your business. Which would you use and why? Since your business is not publicly traded, is it important for you to prepare journal entries and financial statements? Explain why or why not. Research computer systems methods you can use to record your transactions and create your financial statements.
2. MSN Money offers information about companies, industries, and related news items. For researching a company, the website is a good place to start gathering basic information. Go to https://moneycentral.msn.com. Pick a large company that does business in your community and view their financial results. For the most recent year list the amounts reported for sales, cost of goods sold, and total net income. Does the amount reported for revenue represent cash received from customers during the year? If not, what does it represent? What does the amount reported for cost of goods sold represent? Is your company a profitable company? How can you tell? Does your company use accrual-based or cash-based accounting? How can you tell?
What will be the implications for Barmunda Pty Ltd if it is considered to be a reporting entity and advise the Management Committee of Barmunda Pty Ltd
the company determined that the copyright would expire at the end of 2016. How much should the co. record as amortization expense for copyright for 2011?
For your response discussion need, critically observe the budget and currency calculations of another student.
What role does the Internal revenue service paly in interpreting and providing guidance on, the tax law? What types of tax guidance are published by the IRS
Lindy Corporation has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2014, there were 600,000 shares issued and outstanding. On June 30, 2014, the board of directors declared a $0.50 per share cash dividend to be paid on..
Evaluate the cost assigned to ending inventory and to cost of goods sold using a) specific identifacation, b) weighted average, c) FIFO and d) LIFO
Cost allocation theory through cost drivers - Why do they allocate costs anyway in a government (City Government) setting -- aren't cost allocation methods mostly for manufacturing companies?
Using the deferral method, prepare a statement of revenues and expenses and a statement of changes in net assets for Wise Owls for 20X1.
Adjustment in general account balances - Olsen Company has two office employees who earn $80 and $100 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday. June 30 is a Tuesday in 2009.
What are some examples of real-life situations where the addition of fractions, multiplication of fractions, or division of fractions might be required?
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. Illustrate what is his estate tax base?
Finding Bond coupon rate, current rate, and yield to maturity- should the new issue be undertaken based on earnings per share?
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