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Robert, a CPA, is owed $50,000 for consulting services provided to GR Systems. Robert is a cash basis taxpayer. On 12/31, Robert instructs GR Consulting to pay the $50,000 to Mary. Mary is an employee of Robert's CPA business who has earned a $50,000 bonus. GR Systems pays Mary $50,000 and also issues Mary Form 1099-Misc.
How much gross income is reported by Robert? By Mary?
Each fund must account for interfund activity as if it were a separate accounting entity.
During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170.
After the events of September 11, we were without our securities markets for few days. Though, it was a difficult condition, the markets opened in a few days and we managed.
Identify how operating budgets are developed. Compare five to seven expense results with budget expectations, and describe possible reasons for variance.
Rumpole Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $100,000. The budgeted number of nozzles to be inserted is 25,000. What is the budgeted indirect cost allocation rate for this activ..
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
How does the auditor's responsibility for detecting errors differ from their responsibility to detect fraud?
Delray Technology is considering these two alternatives to finance its construction of a new $2 million plant:
On January 2, 2007, Prebish Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2016. Legal and other costs of $24,000 were incurred in connection with the issue.
Locate the annual financial statements of a publicly held company on the Internet. Review the balance sheet and the accompanying notes to the financial statements.
Johnsons Construction is considering an investment in equipment costing $660,000. The equipment will be depreciated on the straight-line basis over an 8 year period with an estimated residual value of $120,000.
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
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