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The CEO of a major restaurant chain, whose sales vary by no more than 1-2 percent per month, recommends that the company operate on a natural business year end. As the president of the company, do you support this decision? Why or why not?
(A) No. A fiscal year is usually associated with businesses that experience significant variances in revenue throughout the year.
(B) No. A natural business year is usually associated with businesses that experience significant variances in revenue throughout the year.
(C) No. Natural business year is used only for merchandising companies, not service businesses.
(D) No. Fiscal year is inconsistent with GAAP provisions.
Make the appropriate entry to correct the error. Prepare a statement of retained earnings for Tall Industries for the year ended December 31, 2006.
There are several methods, LIFO, FIFO, Weighted Average, Market, and Historical Cost. If you are in the retail/wholesale business, would you use the same method that you would use if you were in the manufacturing business?
If Blake uses a money market hedge to hedge the payable, what is the cost of implementing the hedge?
the article indicates approximately 90% of the companies in the study were sensitive to the variances in material prices. Examine the causes of material price variances and the potential impact on pricing decisions.
In 2009, Mark has $18000 short-term capital loss, $7000 long term gain, and $6000 long term gain. Which of the statements below is correct?
Margie has two jobs and both employers withheld FICA tax. From her first job, she earned $88,000 and from her second job she earned $23,000. How much can Margie claim on her Form 1040 as excess social security tax paid in 2010?
Cost and fair value data for the trading securities of Clifford Company at December 31, 2010, are $100,000 and $74,000, respectively. Which of the following correctly presents the adjusting journal entry to record the securities at fair value?
For the year ended December 31, Laramie Industries has a depreciation expense per its tax return greater than its financial statement tax expense, and had recorded warranty expense (associated with a one-year guarantee on its products) in its fina..
Ford county lieves for its general fund $2,000,000 in property taxes. In addition, the county is responsible for collecting $4,000,000 in property taxes for the consolidated school district and $1,000,000 in property taxes for a town within the co..
assume your company just sold a mainframe computer. The computer originally cost $300,000 and had accumulated depreciation of $100,000 on the date of the sale. Instead of the buyer paying cash, she gave you a $400,000 noninterest-bearing note due ..
When should Alpine West recognize revenue from the sale of its season passes? Prepare the appropriate journal entries that Alpine would record on November 6 and December 31.
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
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