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Moose, a former professional athlete, now supplements his income by signing autographs at collectors’ shows. Unfortunately, Moose has not been conscientious about reporting all of this income on his tax return. Now, the IRS has charged him with additional taxes of $80,000 due to negligence in his record-keeping and $20,000 due to an intent to defraud the U.S. government of income taxes. No criminal fraud charges are brought against Moose. The District Court finds, by a preponderance of the evidence, that only half of the $20,000 underpayment was due to Moose’s fraudulent action; the remainder was due to mere negligence. Compute the accuracy-related and civil fraud penalties in this matter. Explain your answer, as necessary.
Leo Lion Corporation incurred manufacturing wages of $17,000, 55% of which were direct labor charges and 45% indirect labor charges. In a single journal entry give the journal entry to record the direct and indirect labor incurred.
What method would be most appropriate for calculating the division's return on investment (ROI)? Why? Using this method, what is the ROI for the current year?
It has detachable warrant that allows purchaser to buy 20 shares of stock. Price of bond right after issue is 96 and detachable warrant is 2$. What is journal entry for issuing this bond?
One client gave the company a computer with a retail price of $2,500 and a fair market value of $2,000 in exchange for accounting services. Based on these facts, what is the company's gross income for the year
Erroneously recorded and accounts payable and Prepare bank reconciliation as of 31 Oct from
Assume that fixed costs remain at $630,000. Compute the unit sales to earn the target after-tax net income and (2) dollar sales to earn the target after-tax net income.
Calculate diluted earnings per share for 2012, assuming the same facts as above, except that $1,000,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Lindsey common sto..
Identify and analyze the adjustment required at the end of the year to record bad debts.
Illustrate what problems are associated with using the average cost per unit as a performance measure? What problems are associated with using the variable cost per unit as a performance measure?
Describe each transaction effect on the stockholders equity accounts and the total stockholders equity.
A company purchases a piece of land for $100,000 on January 1, 2011 and chooses to report the land using the revaluation method allowed under IFRS. Prepare all adjusting journal entries required through 2015.
Determine equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory. Show all of your work.
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