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You have been hired to give an informational presentation to a group of small business owners with no accounting or finance knowledge. Prepare a 700-1,050-word report in which you do the following:
a. Identify the audiences, purposes, and natures of financial statements and managerial reports.
b. Explain the use of financial accounting information in making informed and ethical business decisions
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
The estimated litigation expense of $1,000,000 will be deductible in 2011 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all ..
Which of the following is not treated as a change in accounting principle? A) A change from LIFO to FIFO for inventory valuation B) A change to a different method of depreciation for plant assets
XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Prepare an income statement based on variable costing.
Presented below are selected transactions at Thomas Company for 2006. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
What is a constructive dividend? Under what circumstances is the IRS likely to argue that a constructive dividend has been paid?
The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
The equipment's fair market value is estimated at $180,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange. Prepare the necessary journal entry to properly record..
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
Which of the following measures of performance encourages continued expansion by an investment center so long as it is able to earn a return in excess of the minimum required return on average operating assets?
Preppy Co. makes and sells a single product. The current selling price is $30 per unit. Variable costs are $21 per unit, and fixed expenses total $90,000 per month. Sales volume for July totaled 12,000 units.
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