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Norm's car, which he uses 100% for personal purposes, was completely destroyed in an accident in 2010. The car's adjusted basis at the time of the accident was $13,000. Its fair market value was $11,500. The car was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,000 (before considering the loss). What is Norm's deductible loss?
Crone Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices.
Suppose you have been employed into a new firm to oversee the accounting department. Explain what type of financial reports would you expect to see in your department?
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%.
Professor Andy Accrual works for a big state university. The state has negotiated a set of special airfares with various airlines for state employees to use when traveling on state business.
If computed based on direct labor hours, the overhead rate for machining costs would be $20 per direct labor hour.
Cassie owns a Rembrandt painting she acquired on June 1, 2009 as an investment. She exchanges the painting on September 5, 2011, for a Picasso sculpture and marketable securities to be held as an investment. On what date does the sculpture's holdi..
Justify how the reporting requirements of the PCAOB reduce the chance of financial fraud. Illustrate the responsibilities of an auditing firm to detect fraud during the audit process.
Robb Corporation uses the allowance method of accounting for uncollectible accounts. During 2010, Robb had charged $80,000 to bad debt Expense, and wrote off accounts receivable of $90,000 as uncollectible.
Compute the following and show the computations that support your answers. Equivalent units of production for materials and conversion costs in the Cutting Department for the month of November. Cost per equivalent unit for materials and conversion..
How do management's responsibilities and the auditors' responsibilities differ in terms of the financial statements presented?
Which of the following is a requirement of the Sarbanes-Oxley Act?
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