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During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years:
Completed-Contract Percentage-of-Completion
2006 $475,000 $800,000 2007 625,000 950,000 2008 700,000 1,050,000 $1,800,000 $2,800,000
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
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Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, 2014.
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Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
When Medicare and Medicaid were created, reimbursement of services changed. These entities comprised a very large portion of a health care provider's business. Explain how Medicare and Medicaid have affected cost-setting for a health care organiza..
Explain the difference between the cash basis and accrual basis of accounting. Explain the difference between the cash basis and accrual basis of accounting?
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