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1. A furniture manufacturer sells $500,000 worth of tables, chairs, and other items in a given year. The manufacturer earns a profit of $100,000 that year. His purchase invoices indicate that he bought $200,000 worth of lumber, varnish, nails, and other materials during the year. His labor costs were $150,000, and he purchased $50,000 of new equipment that year. Calculate his tax liability under a 15% consumption type VAT. Give examples of different types of alternative VATs, and explain their use.
2. What is a VAT? Give an example of VAT in other nations.
3. What is the difference between centralized and decentralized government? What are the advantages of a federal system of government?
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: Determine the amount of cost of goods sold using:
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income
The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?
John Haven purchased a bond for $9,500. The bond pays $300 interest every six months. If John decides to sell the bond after 18 months for $10,000 what would be his:
Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
Prepare a schedule starting with pretax financial income and compute taxable income. Prepare the journal entry to record income taxes for 2011.
Three years ago a piece of machine was purchased for $10,000. Assuming an eight-year life and straight-line depreciation, financial statements for the third year will show:
Why are certified public accountants expected to maintain higher standards than society in general?
Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the journal ent..
Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:
Prince Corporation purchased 960,000 shares of Smithtown Corporation's common stock (an 80% interest) for 21,200,000 on January 1, 2006. The 2,000,000 excess of investment cost over book value acquired was allocated to goodwill-Calculate the balan..
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
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