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During the taking of its physical inventory on December 31, 2009, Gentry Supplies Company incorrectly counted its inventory as $245,000 instead of the correct amount of $254,000. Indicate the affect of the misstatement on Gentry Supplies Company's balance sheet and income statement for the year ended December 31, 2009.
Hendrickson Corporation reported net income of $50,000 in 2012. Depreciation expense was $17,000. The following working capital accounts changed.
Which one is not a technique of earnings management?
Explain this type of revenue recognition transaction, and what factors should be considered in determining when to recognize revenue in this transaction?
Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, t..
Caroline and Clint are married, have no dependents, and file a joint return in 2005. Use the following selected data to calculate their Federal income tax liability. What is the AMTI? What is the regular income tax liability? What are the AMT tax ..
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
Describe what is likely to occur if company personnel erroneously recorded a sales transaction for the wrong customer. What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurri..
What general business factors should be considered when choosing between the branch and subsidiary forms of doing business in the United States?
The trial balance of Ogilvy's Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000.
S Corp uses the following activity rates from its activity-bases costing to assign overhead costs to products.
Calculate the annual lease payments. (Remember, these payments are to be considered at the begining of each year - annuity due.
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