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Ollivander's Wand Shop rents retail space from the owners of Diagon Alley. The owners charge Ollivander a base rental fee of $1,000 a month, plus 2.5% of profits over $1,000,000. J.K. Rowling, the owner of Ollivander's Wand Shop, directs you, her accountant, to increase the estimate of bad debt expense and to accelerate depreciation charges in order to inflate current period expenses and keep profits below $1,000,000.
Question 1: Do you comply with your boss's directive? Is this directive ethical? Who is harmed if the expenses are increased?
During the quarter ended 3/31/2015, Clarke Biscuits Inc. collected $100 of cash from customers, paid $60 of cash to suppliers, paid $30 of cash to employees and other creditors, and recorded a $5 loss on sale of equipment. There were no other cash fl..
For each emphasis you listed in (1), provide an example of a real world business using the same strategy. What percentage of the ownership would you be willing to give the venture capital firm in exchange for its financing?
Other accrued liabilities-payroll For the payroll period ended on June 25, 2013. Use the horizontal model or write the journal entry to show the effects of the payroll accrual on June 25, 2013.
data are available for one of the products sold by Green Company, which uses a perpetual inventory system
Mini, Inc., earns pretax book net income of $750,000. Compute Mini's total income tax expense, current income tax expense, and deferred income tax expense.
Each of the following scenarios is independent. Assume that all cash flows are after-tax cash flows. Colby Hepworth has just invested $475,000 in a book and video store. She expects to receive a cash income of $120,000 per year from the investment.
Prepare the necessary journal entries to record the foregoing transactions - What are Debentures
Kingdon Corporation's manufacturing overhead includes $7.10 per machine-hour for variable manufacturing overhead and $207,000 per period for fixed manufacturing overhead. What is the predetermined overhead rate for the denominator level of activity o..
Today, you sold your stock at a price of $46.62 per share. What was your total percentage return on this investment?
Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information. Predicted sales for the year are $770,000 and cost of goods sold is 40% of sales. The expected selling expenses are $85,000 and the ex..
the state regular-tax basis in the asset was $60,000. What adjustment, if any, should be made to Federal taxable income in determining the correct state taxable income for the typical state?
Nadal declared and paid a cash dividend of $36,000. On December 31, Nadal reported a net income of $85,000 for the year. Create all necessary journal entries in 2010 for both situations.
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