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Question - Assume that you are working part-time as an accountant for a small proprietary company, and the shareholders are all members of the board of directors (BOD). The BOD wants to invest excess company cash in shares, and you have been asked to select 15 listed companies that you think suitable for investment of these funds. Your selected companies have high goodwill balances, and the BOD is not convinced that the goodwill value is useful information in making the investment decision since this asset has no physical existence, its value is not readily verifiable, and its value depends on management estimates and judgments. The task is to write the report for the BOD that includes the following aspects to explain the usefulness or not of goodwill in making investment decisions. Explain the accounting treatment of goodwill.
The loan department in a bank is subject to regulation. Internal auditors work for the bank to ensure that the loan department complies with requirements. The internal auditors must verify that each car loan file has a note signed by the maker, ve..
Problem - Salespersons Report and Analysis - Which salesperson generated the highest contribution margin ratio for the year and why
Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory. Journalize Dixon Industries entries to record the receipt
Determine the appropriate action/disclosure that the auditor would require from the company. Discuss audit procedures that should have brought the item
prepared financial statements and closing out temporary accounts at the end of the accounting period.Parrots Campgrounds
johnson corp. has two divisions division a and division b. division b has asked division a to supply it with 5000 units
Prepare the journal entry to record Royal's (employer) payroll taxes resulting from the January 8 payroll. The federal unemployment tax rate is 0.8%
Target costs, effect of product-design changes on product costs. Neuro Instruments uses a manufacturing costing system with one direct-cost category.
The allowance for uncollectible accounts currently has a credit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger, the company's management estimates that uncollectible accounts will be $15,000.
You are given the following information for Mobility Research, Inc. (MRI). How much was the depreciation charge for MRI
The company estimates that 20% of accounts receivable will uncollectible. After correct adjusting entry has been made, the allowance for uncollectible accounts
Janet, who is 22 years of age, is single and lives with her parents, who are in the 35% tax bracket. What is Janet income tax liability
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