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Discuss accounting transaction effect on account and keep the basic accounting in balance.
in the Republican party, Herman Cain, has a flat tax plan called 9/9/9. Rick Perry has his own flat tax plan. He wants to tax all earned income at a mere 20% rate and not tax capital gains, dividends or estates. what are your thoughts about these..
Compute the book value of the building at the end of the second year. (Omit the "$" sign in your response.)
On January 1, 2017, Waterway Inc. had cash and common stock of $60,530. At that date, the company had no other asset, liability, or equity balances. On January 2, 2017, it purchased for cash $20,760 of debt securities that it classified as available-..
What are 5 characteristics of a partnership? Be detailed in your descriptions of each characteristic. Provide examples when appropriate. Also, as part of your descriptions, identify how each characteristic makes a partnership different from a sole pr..
Arnell Industries has just issued $10 million in debt (at par). The firm will pay interest only on this debt. Arnell's marginal tax rate is expected to be 35% for the foreseeable future.
On January 1, 2018, Water Wonderland issues $30 million of 7% bonds, due in ten years, with interest payable semiannually on June 30 and December 31 each year. If the market rate is 8%, will the bonds issue at face amount, a discount, or a premium? C..
Bricker Enterprises purchased a machine for $204,000 on October 1, 2018. The estimated service life is ten years with a $19,500 residual value. Bricker records partial-year depreciation based on the number of months in service. Depreciation expense f..
Assume a land development company hired an engineer and architecture firm to conduct a feasibility study on a potential land purchase. The report indicated that the land was suitable for development. What are some of the risks of things that could go..
Inventory valuation methods allow management to select a method that best fits their business model. Given the following data, what is the value of the ending inventory as determined by the First in First out (FIFO) method?
Sunrise Pools and Spas manufactures fibreglass forms for in-ground pools and swim spas for all-season use. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and t..
As of January 1, 2016, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2016, Farley wrote off $650,000 of accounts receivable. C..
An Executor would not price an asset at the lowest possible valuation for federal income tax purposes because: In the Hilton family: If Richard gives Kathy a special power of appointment in favor of Paris Hilton than what are each of these people cal..
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