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The controller of a small private college is complaining about the amount of work she is required to do at the beginning of each month. The president of the university requires the controller to submit a monthly report by the fifth day of the following month. The monthly report contains pages of financial data from operations. The controller was heard saying, "Why does the president need all this information? He probably doesn't read half of the report. He's an old English professor and probably doesn't know the difference between a cost and revenue.
a. What is the probable role of the monthly report?
b. What is the controller's responsibility with respect to a president who doesn't know much accounting?
what is the minimum acceptable selling price of material L to the company that could use material L in its own production process?
Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2010. He asks you if they can make a new S election now, in November 2011. Draft a memo for the file outlining what you told Caleb.
It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?
What requirements must be met for property to qualify for like-kind exchange treatment?
Why is determining cost to manufacture a product quite a different activity from determining how to control such costs?
Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter.
Determine Tonya's adjusted gross income for the current year. I know that the income is limited to the tax benefit from the prior year, but I am unsure of the tax benefit of the prior year, whether you would use all the of $10,000 or if it's limit..
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
All adjustments affect one balance sheet account and on income statement account. For each of these situations, Preparation of a Work Sheet, Financial Statements, and Adjusting and Closing Entries.
An auto plant costs $100 million to build but can produce a new line of cars that will produce cash flows with a present value of $140 million if the line is successful. Illustrate the option to abandon in (b) using a decision tree.
In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:
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