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Generally accepted accounting principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statements. These days, you do not have to look very far to find an example of a company that has acted unethically in regards to their financial statements and violated GAAP. Please find a real-world example of a company that has been in the news, and briefly describe what the company did wrong. Some ideas for companies include, but are not limited to, Enron, WorldCom, Andersen, Dell, and Xerox.
Lark Corporation is a calendar year taxpayer. At the beginning of the current year, Lark has accumulated E & P of $330,000. The corporation incurs a deficit in current E & P of $460,000 that accrues ratably throughout the year. On June 30, Lark di..
On January 1, 2011 Miller Corporation had retained earnings of $18,000. During 2010, Miller reported net income of $25,000, declared and paid dividends of $20,000, and issued stock for $10,000. What were Miller's retained earnings on December 31, ..
Find the future value of $10,000 invested now after five years if annual interest rate is 8 percent.
Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2011, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. Determine ..
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.
Section 351 allows the tax-free creation of a corporation, or, rather, the tax free contribution of money or property to a corporation in exchange for stock in that corporation.
What was the affect of unethical behavior on the profitability of the company?
Assume that the company follows the practice of allocating all maintenance department costs incurred each month to the divisions in proportion to the actual machine-hours recorded in each division for the month. On this basis, how much cost would ..
Under what conditions is an accrual-basis-tax-payer allowed to defer reporting amounts received in the advance payments received for services?
What is the relationship between FASB's requirements for segment-based disclosures and a company's profit centers?
On January 1, 2010 M. Johnson Company purchased equipment for $30,000. The company is depreciating the equipment at the rate of $500 per month. The book vaule of the equipment at December is?
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