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Mary Howard, CPA, has long audited the Wheat City Grain Company’s financial statements. Much of Wheat City’s assets consist of wheat stored in three of its grain elevators, and the Company maintains perpetual inventory records of the quantity of wheat stored there. Concurrently, on a surprise basis, at different times each month, state grain inspectors also “count” the quantity of wheat found in these elevators—and have found no material differences in the perpetual records for the five years that they have performed this function. To save both time and audit fees, Mary wants to rely on the state inspectors’ counts instead of her making independent counts thereof. Can Mary do this?
Brown Company incurred cost of $17000 for material, $13000 for labor, and $16000 for factory overhead. There was no beginning or ending work in process.
On January 1, 2014, Jannison Inc. acquired 90% of Techron Co. by paying $477,000 cash. There is no active trading market for Techron stock. Techron Co. reported a Common Stock account balance of $140,000 and Retained Earnings of $280,000 at that date..
in the Republican party, Herman Cain, has a flat tax plan called 9/9/9. Rick Perry has his own flat tax plan. He wants to tax all earned income at a mere 20% rate and not tax capital gains, dividends or estates. what are your thoughts about these..
What would be the minimum expected return from a new capital investment project to satisfy the suppliers of the capital? Assume the applicable tax rate is 40%, interest on debt is 7%, flotation cost per share of preferred stock is $0.75, and flotatio..
A company receives a 6.55%, 60-day note for $10,150. The total amount of cash due on the maturity date is:
Illustrate what are the tax consequences to both Lotta and Meg(show the 4 portions of the deemed transaction along with the imputed amounts) for 2011?
On January 1, 2015, the first day of its fiscal year, the city of Carter received notification that a federal grant in the month of $650,000 was approved. Teh grant was restricted for the payment of wages for teenagers for summer employment. The term..
Ramirez Corporation sells two types of computer chips. The sales mix is 30% (Q-Chip) and 70% (Q-Chip Plus). Q-Chip has variable costs per unit of $36 and a selling price of $60. Q-Chip Plus has variable costs per unit of $42 and a selling price of $7..
For the coming year, loudermilk inc. anticipates fixed costs of $600,000 a unit variable cost if $75 and a unit selling price of $125. the maximum sales within the relevant range are $2,500,000. construct a cost volume profit chart. estimate the brea..
Information on Huntington Power Co. is shown below. Consider the company's tax rate is 33 % - Evaluate weighted average cost of capital
company bought each of a danish company for 8 million kroner dkk on 21st dec year 1. on 21st december the exchange rate
Evaluate annual depreciation for the first and second years using the straight-line method
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