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A gymnasium offers a gymnasium membership payable in advance. There is no contractual right to a refund, although occasionally refunds were once granted to clients whose health circumstances prohibited them from continuing to attend the gymnasium. All other requests for refunds have been consistently refused. By 30 June 2011 the gymnasium had received $5,000 of membership subscriptions in respect of memberships commencing 1 July 2011. When is the $5,000 taxable?
charles inc. began using dollar-value lifo for costing its inventory last year base year. the ending inventory this
On January 1, 2004, Bigler Corporation had 800,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital.
Calculate the depreciation expense by each of the following methods, showing the figures used - what should Robertson record as an impairment loss on July 1, 2012?
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?
Electricity is billed by kilowatt hour. According to its first bill, Raymondo's paid $573 for 3,000 kilowatt hours in January.
examine the following book-value bal. sheet for university products inc. the preferred stock currently sells for 12.00
Identify the process the company would use to identify the liability for postretirement drug benefits. Assume this was done prior to the new federal law. Identify how the auditor might audit the data.
1. why do companies have so much cash on their balance sheets?2. analyze the tradeoffs between returning cash to
The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:
Consider an investment scenario that returns a level stream of four annual payments of $10,000 each (i.e., an annuity). The first payment occurs at the end of the first year, and the subsequent payments occur at the end of each of the next three year..
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy. Separate shares are not required.
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
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