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Blue Co., an architectural firm has a bookkeeper who maintains a cash receipts and disbursement journal. At the end of the year they want to convert the cash receipts and disbursement into accrual basis revenues and expenses. Cash receipts are as follows; Cash sales - $150,000 Colections on AR - 450,000 Bank Loan - 90,000 Total 690,000 AR end of yr - 210,000 AR start of yr - 160,000 cash sales include $60,000 of prepayments for services to be provided over the next 36mths.
a. Compute the company's accrual gross income for 2012. b. Would you recommend Blue to use the cash or accrual basis method? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such allowance be established for tax purposes? EXPLAIN.
Suppose XYZ pays taxes at 35%. What projected EBIT is required to support valuation of $15.7 Million?
The carrying amount on Blue's books of Red's $1 par common stock was $2 per share. Immediately after the declaration, the market price of Red's stock was $2.50 per share. In its income statement for the year ended June 30, 2009, what amount should..
What is the difference between collecting taxes and paying taxes?
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value.
The following data relate to direct labor costs for the current period:
according to a summary of the payroll of apline publishing co. 460000 was subject to the 7.5 fica tax. also 39000 was
audit plan for sales places extensive reliance on internal controls and use of substantive analytical procedures. You're testing for internal control for sales has found a significant number of instances where clients' credit ratings have not been ch..
Slaughter earned $220,000 in net income in 2013 (not including any investment income) while Bennett reported $90,000. Slaughter attributed any excess acquisition-date fair value to Bennett's unpatented technology, which was amortized at a rate of ..
Compare the equity technique of accounting to the fair value technique for equity securities. In what cases would you employ each?
What is the net monetary advantage (disadvantage) of processing Product X beyond the split-off point? What is the net monetary advantage (disadvantage) of processing Product Y beyond the split-off point?
On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.
Transactions that affected the Common Stock account.
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