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1. A friend comes to you with the following plight: "I'm confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative and it is also increased with a debit. I don't get it." How can you straighten out your friend?
2. Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your answer.
3. York Inc. manufactures notebook computers and has experienced noticeable declines in the purchase price of many of the components it uses, including, computer chips. Which inventory costing method should York use if it wants to maximize net income? Explain your answer
Compute the after-tax profit of Falcon.Com separately for both the (1) FIFO and (2) LIFO methods of inventory valuation assuming the company has no expenses other than cost of goods sold and its income tax rate is 50%. Taxes are accrued currently ..
Peanut corporation exchanged land and cash of $6,500 for equipment. the land had a book value of $45,000 and a fair value of $34,000. assume the exchange has commercial substance. compute the gain or loss?
Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds.
If in preparing a worksheet a adjusted trial balance amount is sorted to the wrong work sheet column will balance on the completing worksheet, but with the wrong net income, if the amounts sorted in error is ?
What adjusting entry should Fortune make to account for the work performed from October 1 through December 31, 2009?
Short term debt has a few advantages such as the economical advantages of obtaining it at a short notice, the flexibility of being able to meet financial needs, and the possibility of renewal by extension.
The market value of the King stock was $30 per share on the date of declaration and $32 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?
Of the amount paid, $30,000 was for expenses incurred on account in 2010. In addition, Leno incurred $142,000 of expenses in 2011 which will not be paid until 2012.
What is the usual tax treatment for a Passive Activity Loss.
The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..
Budgeted variable overhead for the year is $120,000. Expected activity is 20,000 standard direct labor hours. The actual hours worked were 18,000 and the standard hours allowed for actual production were 19,500. The variable overhead efficiency va..
What kind of situation would make guaranteed payments a logical way of starting a two-person partnership?
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