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T Corporation publishes an annual business directory. During 20x0 T solicits orders for its 20x1 directory, which will be published and distributed in February of 20x1. In November of 20x0, T bills its customers. The bills are due in 30 days. T, using the accrual method of accounting, takes the income into account in 20x0. T's VP of Marketing believes she can increase sales if T Corp billed its customers in the year the directory is published, rather than in the prior year. T's President agrees and the billing procedure is changed. Thus, T will not recognize the income from the 20x2 edition until 20x2.
Problem 1: Is this a change in method of accounting that requires advance permission from the I.R.S.?
Auditing standards require the auditor to obtain an understanding of the entity and its environment as a basis for assessing the risks of material misstatements. Business models differ across organizations and industries leading to unique business pr..
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Earnings per share is $1.76, and the firm's stock trades in the stock market at 2.5 times book value per share. What will the P/E ratio be?
The company has 1.25 million shares of common stock outstanding. The current stock price is $40. The historical return on equity (ROE) of 11 percent is expected to continue in the future. Illustrate what is the required rate of return on the stock..
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Northwest Fur Co. started 2013 with $100,000 of merchandise inventory on hand. During 2013, $450,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Ass..
During the 2011 holiday season, Bob, a barber, gave business gifts to 34 customers. The values of the gifts, which were not of a promotional nature, were as follows: For 2011, illustrate what is the amount of Bob's business gift deduction?
the total electricity cost is comprised of a basic fixed cost mad above that there is a variable expense component for the electricity
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