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Teresa is a civil engineer who uses her automobile for business evenly throughout the year. Teresa drove her automobile a total of $22,650 miles evenly during 2011, of which 95% was business mileage. The actual cost of gasoline, oil, depreciation, repairs and insurance for the year was $8,300.
1. How much is Teresa's transporting deduction based on the standard mileage?
2. How much is Teresa's transporting deduction based on the actual cost method?
3. Which method should Teresa use to calculate transportation deduction and why?
Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
What is the Uniform Partnership Act of 1997 and what is the relevance to partnership accounting and what types of items are typically included in the partnership agreement? Explain.
Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. Prepare journal entries to record the last of the following events:
Provide the circumstances under which each company chose its strategy. Provide information on how the two companies chosen strategies have affected performance and contributed to success or failure.
Suppose you have been employed into a new firm to oversee the accounting department. Explain what type of financial reports would you expect to see in your department?
What are retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?
Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Using the data above, compute pension expense for Buhl Corp. for the year 2008 by preparing a pension workheet that shows ..
On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january
Identify characteristics that distinguish NFP from business enterprises. Specifically identify, from most important to least important, five accounting issues relevant to NFP financial reporting and explain your rationale by reference to existing ..
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
What is the FASB Codification System and what is its purpose? What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
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