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Problem - Philip Stanton, the executive manager of Thomson Pharmaceutical, receives a bonus if the company's net income in the current year exceeds net income in the past year. By the end of 2019, it appears that net income for 2019 will easily exceed net income for 2018. Philip has asked Mary Beth Williams, the company's controller, to try to reduce this year's income and "bank" some of the profits for future years. Mary Beth suggests that the company's bad debt expense as a percentage of accounts receivable for 2019 be increased from 10% to 15%. She believes 10% is the more accurate estimate but knows that both the corporation's internal and external auditors allow some flexibility in estimates. What is the effect of increasing the estimate of bad debts from 10% to 15% of accounts receivable? How does this "bank" income for future years? Why does Mary Beth's proposal present an ethical dilemma? Explain!
What are the differences between sole-proprietors, partnerships, and corporations? This will be a good thing to research so you all understand moving forward.
Draft the income tax expense portion of the income statement for 2010. Begin with the line "Income before income taxes." Assume no permanent differences exist.
Neal, single and age 37, has the following items for 2009: Salary $50,000. Determine Neal's taxable income for 2009
you invest 200 into a mutual fund today that pays 5.0 percent interest. how long will it take to double your money? if
considerable differences in standards that pertain to the statement of cash flows. What are some of the main differences? Examples will be great
Prepare Income Statement and Retained Earnings Statement for the year 2016 and Record the necessary journal entries for 2016
Find the probability. A bag contains 4 red marbles, 5 blue marbles, and 2 green marbles. What is the probability of choosing a blue marble
The fixed costs directly associated with Springfield's nursing division were estimated to be $9,000 a month for rent and other expenses. The variable costs of supplies (measured on a per-visit basis) were expected to be $30. Mr. Hoover believed th..
black diamond inc. issues 2500 shares o 1 par value common stock and 1000 shares of 50 par value preferred stock for a
there are two types of current liabilities that must be estimated. describe them and explain why they must be
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
Why are paid-in-capital and retained earnings displayed separately in the stockholder's equity section of the balance sheet?
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