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Software Inc. (SI) is a private corporation formed in the 1990s. SI develops and sells software for many purposes; theft recovery, geomapping, data and device security, and IT asset management. To help motivate management, SI has a stock option plan. To help fund continued software development, SI has a bank loan with a major bank. The bank requires annual audited financial statements prepared using ASPE and has a financial covenant that stipulates a minimum current ratio. SI has an expected taxable loss of $10,000,000 in 20X9. For the last three years the company has had taxable profits of $2,000,000 in 20X6; $5,000,000 in 20X7, and $1,000,000 in 20X8. SI's taxable loss this year was due to intensive development of new software for security over personal data. SI anticipates sales of this product to be significant due to concerns over identity theft. You have recently been hired to develop new accounting policies for SI's 31 December year-end. You have been asked by the owners to discuss alternatives and provide recommendations on the appropriate accounting policies for events below that have occurred during 20X9. Where possible, you have been asked to quantify the impact of the accounting policies. SI is seriously considering.
The corporation's accumulated earnings and profits at the beginning of the year was $600,000. In the current year the corporation had a $200,000 net loss from operations, which did not include the following transaction. At the end of the year the cor..
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The current year factors for State Y are as follows: Sales 80%, Property 40% and Payroll 60%. What is D's State Y taxable income for the current year
You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. Goforit carries significant electronics..
Glenda Corporation has the following assets at year end:
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