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On numerous occasions, proposals have surfaced to put the federal government on the accruals basis of accounting. This is no small issue. If this basis were used it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit would increase substantially.-What is the difference between accrual-basis accounting and cash-basis accounting?-why would politicians prefer the cash-basis? if you had to explain why the federal government should adopt the accrual-basis of accounting what would you say?
Tracy co. owns 4,000 of the 10,000 outstanding shares of penn corp. common stock. during 2010, penn earns 120,000 and pays cash dividends of 40,000. if the beginning balance in the investment account was 240,000 the balance at december 31, 2010 sh..
Which if any of the following can be eligible shareholders of an s corporation?
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
On March 1, 2015, when the market price of Wilson's stock was $14 per share, 3 million of the options were exercised. The journal entry to record this would include:
The December 31, 2010, balance sheet of the DIP General Partnership is as follows:
Which of the following is not a true statement about the accounting equation and its elements?
On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2009, was $2,100,000. The income tax rate is 40%.
using the appropriate present value table and assuming a 12 annual interest rate determine the present value on
Tommy purchases and places in service in 2011 personal property costing $900,000. What is the maximum Sec. 179 deduction that Tommy can deduct, ignoring any taxable income limitation?
Calculate the company's break-even point in dollar sales. If sales are $1,800,000 above the break-even point, what will income be (i) pretax income and (ii) after-tax income?
Separate the variable and fixed elements, using the high-low method. Determine the cost to be charged to the product for the year. Determine the cost to be charged to factory overhead for the year.
Assume that you are a key member on an audit engagement team and discover a breach in internal controls. Discuss how you will report the breach and your expectations of management for a resolution to the breach.
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