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The market value of Lake Corporation's inventory has declined below its cost. Vickie Maher, the controller, wants to use the allowance method to write down inventory because it more clearly discloses the decline in market value, and it does not distort the cost of goods sold. Her supervisor, financial vice-president Doug Brucki, prefers the direct method to write down inventory because it does not call attention to the decline in market value. What, if any, is the ethical issue involved? Is any stakeholder harmed if Brucki's preference is used? What should Vickie do?
Identify some benefits that might accrue to Lion Nathan as a result of the sale and lease back transaction?
The following information was taken from the records of Roland Carlson Inc. for the year 2007. Income tax applicable to income from continuing operations $187,000-Prepare a single-step income statement for 2007. Prepare a retained earnings statemen..
Compare the equity technique of accounting to the fair value technique for equity securities. In what cases would you employ each?
What was the affect of unethical behavior on the profitability of the company?
What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?
What is the break-even point (BEP) and why is it important? What is the Contribution Margin (CM) and why is it important?
What is the expected capital gains yield of FPL stock? (The total return (the expected rate of return) is equal to dividend yield plus capital gains (loss) yield. You may apply CAPM to find the expected return on FPL stock.)
Prepare journal entries to record the pension expense and funding of plan assets to verify the change in the pension asset/liability.
Following are several December 31 account balances of Brookhaven Square, Inc. prior to the preparation of year-end adjusting journal entries: Briefly describe the nature of the adjusting journal entries for the accounts identified.
Review SOX mandates, and determine what protections are currently in place to protect whistle-blowers. Take a position on whether more employees would be willing to blow the whistle on corporate misbehavior due to the provisions for whistle-blower..
The convergence process is likely to lead to the acceptance of the IFRS approach. Explain whether or not you agree with this decision.
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
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