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Joseph Co. began operations on January 1, 2012. Financial statements for 2012 and 2013 contained the following errors: Dec. 31, 2012 Dec. 31, 2013 Ending inventory $80,000 too high $114,000 too high Depreciation expense 48,000 too low — Accumulated depreciation 48,000 too low 48,000 too low Insurance expense 42,000 too high 42,000 too low Prepaid insurance 36,000 too low In addition, on December 26, 2013 fully depreciated equipment was sold for $53,000, but the sale was not recorded until 2014. No corrections have been made for any of the errors. Instructions Ignoring income taxes, show your calculation of the total effect of the errors on 2013 net income
Hip Duds Company is considering the purchase of new machines on January 1, 2015. Trail Power has been using the same machines to make its name brand clothing for the last five years. A cost efficiency consultant has suggested that production costs ma..
Suppose you take out a $100,000 30 year US mortgage at 12% and after 167 payments the rate drops to 3%. What are your new payments? What is the effective semiannual interest rate of a loan that is 17% per month compounded monthly? What are the monthl..
Downing Company purchased a new machine on October 1, 2012, at a cost of $90,000. The company estimated that the machine has a salvage value of $6,000. The machine is expected to be used for 70,000 working hours during its 8-year life.
You should also tell her the PUC and ACB of the Class A preferred shares and the common shares that she has received and deal with the tax consequences on the eventual redemption of the 3,500 Class A preferred shares.
Estelle owns a pickup truck costing $16,000 that she uses in her personal activities
Based on this information, do you believe ABC's increase in operating income in 2014 is consistent with the strategy you identified in part a
Your client, Big Corporation, and its wholly owned subsidiary, LittleCo, file a consolidated return for Federal income tax purposes. Indicate both the financial accounting and the tax treatment of the following transactions.
Blair underpaid her taxes by $250,000.- A portion of the underpayment was shown to be attributable to Blair's negligence ($100,000). - Compute the total fraud and negligence penalties incurred.
problemsantana rey expects second quarter 2012 sales of her new line of computer furniture to be the same as the first
on 1st january 2010 jacob issues 800000 of 9 percent 13-year bonds at a price of 96frac12. six years later on january 1
Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options.
Assume the same facts as in Problem 32. Dale dies four years later when the trust is worth $6.1 million. Nicole is 38, and the applicable interest rate is 4.6%. How much as to the trust is included in Dale's gross estate?
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