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Which of the following is NOT a legal restriction related to profit distributions by a corporation?
a. The amount distributed to owners must be in compliance with the state laws governing corporations.
b. The amount distributed in any one year can never exceed the net income reported for that year.
c. Profit distributions must be formally approved by the board of directors.
d. Dividends must be in full agreement with the capital stock contracts as to preferences and participation.
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
During February the Lungren Manufacturing Company's costing system reported several variances that the production manager was surprised to see.
(Consignment Computations) On May 3, 2012, Eisler Company consined 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amount to $840 and was paid by Eisler Company.
The FCPA requires that a system of internal accounting control:
An S corporation's accumulated adjustments account, which measures the amount of earnings that may be distributed tax-free (cpa adapted)
Consider an asset that costs $780,000 and is depreciated straigh-line to zero over its eight-year tax life. The aset is to be used in a five-year project; at teh end of the project, the asset can be sold for $135,000. If the relevant tax rate is 3..
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
1. List the relationships, ratios and trends that will provide useful information about the overall reasonableness of accounts payable. Consider income statement accounts that affect accounts payable in selecting the analytical procedures.
Ben and Jack both earned $60,000 this year. Ben (age 30) is married with two children, and Jack (age 68) is single with no dependents. Which of the following is true regarding the amount of Social Security taxes they will pay?
Beige Company has approximately $400,000 in net income in 2008 before deducting any compensation or other payment to its sole owner, Janet (who is single). Assume that Janet is in the 35% marginal tax bracket. Discuss the tax aspects of each of th..
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
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