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Problem 1
Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car. When he returned from the games, he found his car had rolled down the hill, smashed into Nick's house, and injured Nick, who was watching TV in his den. Joey does not have car insurance. List as many tax research issues as you can to determine the tax consequences of this accident. Do not attempt to answer any of the questions you raise. Simply identify the research issues.
Problem 2
John and Marsha are married and field a joint return for the past year. During that year, Marsha was employed as an assistant cashier at a local bank and, as such, was able to embezzle $75,000, none of which was reported on their joint return. Before the defalcation was discovered, Marsha disappeared and has not been seen or heard from since. List as many tax research issues as you can to determine the tax consequences of this crime. (CPA adaptive).
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
Prepare a pro forma balance sheet dated December 31, 2008. Discuss the financing changes suggested by the statement prepared in part A.
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Prepare journal entries to record the accounting for both the normal and abnormal rework. What were the total rework costs of XD1 chips in August 2011?
Emerson Electronics had the following information related to its September inventory. Sales were made at $20 per unit and Emerson uses the perpetual inventory system. What is the value of ending inventory under FIFO?
On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance shee..
Evaluate the number of shares to be employed in determining diluted earnings per share for 2013.
Suppose that you've a short investment horizon (less than one year). You're considering two investments: a one-year Treasury security and 20-year Treasury security.
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.
Judy's Cars, Inc. sells collectible automobiles to consumers. Judy employs the specific identification inventory valuation method.
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