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From the auditors point of view which of the following is a preferable provision for imposition of civil liability for financial damages?
A. joint and several liability
B. reasonably forseeable users approach to privity
c. forseen third parties approach to privity
d. proportionate liability
Variable costs as a percentage of sales for Leamon Inc. are 75%, current sales are $600,000, and fixed costs are $110,000. How much will operating income change if sales increase by $40,000?
Bremm repoted a net income of 210,000.00. Dividends of 70,000.00 were paid each of these two years. What is the equity method balance of Wilkerson investment at Bremm, Inc at December 31, 2009?
Which of the following statements is correct regarding the taxation of C corporation?
Do you believe variance analysis is a good gauge for managers to keep controls over poor quality materials, excess material usage, excess labor usage, etc....? Also, why would different companies have different measures for a balanced scorecard?
Discuss generally how revenue should be recognized at interim dates and specifically how revenue should be recognized for industries subject to large seasonal fluctuations in revenue and for long-term contracts using the percentage-of-completion m..
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers-Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.
What is the highest price that you would be willing to pay for an insurance policy that fully insures you in the event that your house burns down?
During 2010, Shirley Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2009, her stock basis was $4,000.
An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.
Land was given to the company by the State of Florida to use as a manufacturing facility site. The market value of the land at the time of the donation was $102,000. Prepare journal entries for Overland Company to record the above transactions
What is the relationship, if any, between the amount shown in the adjusted trial balance column for an account and that account's ledger balance?
Prepare a schedule showing the annual depreciation and end of year accumulated depreciation for the first three years of the asset's life under the straight-line method.
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