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If the client handed in their year-end financial statement using quickbook
we adjusted the client's book and file the 2012 tax return in April 2013, but we didn't tell the client the adjusting part (because we think it will cause misleading if the client has limit knowledge in accounting). Following year, the client continuing their book keeping in 2013 (without adjusting) If we want to file the tax return for the year 2013, what procedure we can do to adjust client's book? (the one we file to the IRS last year is correct.) show me the assumption and give the simple entry for explanation
Dolan Manufacturing Company's accounting records reflect the following inventories:
On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the Cash account at the beginning of October?
There are four steps in the auditor's process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..
By reducing labor and other operating costs, the machine would provide annual cost savings of $59,000. The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
What are the critical components of a business plan? Consider any changes which would be required if the plan were to be used in the foreign country.
What type of business structure is it-sole proprietorship, partnership, or corporation? Why did you choose that structure? What type of services or products does your business provide?
Watson Corporation owned 600,000 shares of Nixon Corporation stock. On December 31, 2012, when Watson's account "Investment in Common Stock of Nixon Corporation" had a carrying value of $5 per share, Watson distributed these shares to its stockhol..
Marketability Commercial banks use some funds to purchase securities and other funds to make loans. Why are the securities more marketable than loans in the secondary market?
Paul Company had 100,000 shares of common stock outstanding on January 1, 2009. On September 30, 2009, Paul sold 48,000 shares of common stock for cash. Compute basic earnings per share for 2009.
Treasury Stock Transaction-Nature corporation engaged in the folloiwing treasury transactions during current year. Complete three journal entries to record these treasury stock transactions.
An asset purchased by A Corporation for $15,000 ON 01/01/1997 also incurred freight charges of $200 and installation cost of $1,000.The asset had a life expectancy of eight years and a salvage value of $2,800.
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