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Cameron Bly is a sales manager for an automobile dealership. He earns a bonus every year based on revenue from number of autos sold in year less related warranty expenses. Actual warranty expenses have varied over the prior 10 years from a low of 3 percent of an automobile's selling price to a high of 10 percent. In the past, Bly has tended to approximation warranty expenses on high end to be conservative. He must work with dealership's accountant at year-end to turn up at warranty expense accrual for cars sold each year.
Required
1. Does warranty accrual decision create any ethical dilemma for Bly?
2. Since warranty expenses vary, what % do you think Bly could select for the current year? Justify your response.
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
The SEC and its European equivalent are trying to merge their respective views of GAAP (Generally Accepted Accounting Principles). What are the easy points and what are the stumbling blocks?
Generally, tax strategies operate in two time frames - now and later. " Now" refers to the twelve months of the current tax year. "Later" refers to the long-range tax strategies that benefit taxpayer future.
Make notes on the following two items to help your manager to understand their meaning: The balanced scorecard and its perspectives on performance
Write a brief discussion commenting on the need for reconciling book income for a partnership to taxable income for that partnership for tax purposes.
Create an argument for or against abolishing estate taxes. Recommend an alternative to the current federal taxation system that you believe would be fair to corporations and partnerships.
No Doubt Company includes one coupon in each box of soap powder that it packs and 10 coupons are redeemable for a premium (a kitchen utensil).
A company processes a chemical, dx-1, through pressure treatment. The process has two outputs, A and B. The January costs to process dx-1 are $50,000 for materials and $100,000 for conversion costs. The outputs sell for a total of $250,000.
Make a balance sheet and income statement as of December 31, 2003, for Sharpe Manufacturing Company from the following information.
What are some of new tools information technology has provided that contribute to unethical behaviour?
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
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