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A company offers a cash rebate of $1 on each $4 package of batteries sold during 2007. Historically, 10% of customers mail in the rebate form. During 2007, 6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31?
a. $600,000; $600,000
b. $600,000; $390,000
c. $390,000; $390,000
d. $210,000; $390,000
How much taxable income, in total, must the shareholders of the corporation report on their 2010 tax returns?
When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are some factors that can lead to variances? How can variances be corrected?
How do you determine the filing date and extended filing date for income tax returns?
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, "You cannot teach ethics"? How do ethics affect the financial results of a company?
If the company maintains a constant 7 percent growth rate in dividends, what was the most recent dividend per share paid on the stock?
The Whitton Company uses a discount rate of 16%. The company has an opportunity to buy a machine now for $18,000 that will yield cash inflows of $10,000 per year for each of the next three years.
The revenue principle states that revenue should be recognized at a point when:
Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
The direct method might be easier to understand but it is also more expensive and more time consuming for the company why is that? and Whats the best method to use for businesses?
Give an example of a situation where transfer pricing might be used and discuss what method a company might choose to calculate it. In your answer, define what a transfer price is, how it can be calculated, and why a company might use it.
Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.
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