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Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract, and her assignment to the nearer office is affirmed in the current year's contract, but management has allowed her to travel to the further location. How many deductible commuting miles does Sally accumulate on a work day?
Emerson Electronics had the following information related to its September inventory. Sales were made at $20 per unit and Emerson uses the perpetual inventory system. What is the value of ending inventory under FIFO?
Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year-end balance sheet presentation for accounts receivable.
What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why?
Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Use the horizontal model, or write the journal entry to show the effect of :
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
Coyote owns 5% of Roadrunner Corporation’s stock. How much is Coyote Corporation’s taxable income (loss) for the year?
Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
How much is debt service funds for payments of principal over the life of the bonds? How do you report the other?
Prepare the bank reconciliation for company.
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
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