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Jonathan Simpson owns a construction company, One day a subcontractor call him, saying that he needs a replacement check for the job he completed at Makkabeer Street. Jonathan looks up the job on his accounting program and agrees to re-issue the check for N$12,750.00. The subcontractor says that the original check was for only N$10,750.00. Jonathan looks around the office and cannot find the company checkbook or ledger. Only one other person has access to the accounting program. Jonathan calls you to investigate. How would you proceed? Write a one page report detailing the steps Jonathan needs to take to obtain the necessary evidence and protect his company?
Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
Gammell, Inc. reported net income of $40,000 for 2009. The income tax return excluded a revenue item of $3,000 (reported on the income statement) because under the tax laws the $3,000 would not be reported for tax purposes until 2010. Assuming a 3..
The fair market value before the accident is $10,000, and the fair market value after is $500. If the insurance recovery is $9,500, what is Frank's adjusted basis in the automobile after the casualty?
How much rental income must Billy Dent include on his 2010 income tax return?
Write a summary of asset treatment in a business. Examine the aspects of acquisition, depreciation, revising periodic depreciation, expenditures during useful life, and the three different means of disposal.
Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective- interest method. Prepare the journal entry for the interest receipt of December 31, 2011, and the discount amorti- zation under the straight-line..
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Write down the expression for SpringFresh's annual after-tax profit.
Employee Business Expenses: Planning.J is employed as a salesman by Bigtime Business Forms Inc. He is considering the purchase of a new automobile that he would use primarily for business. Are there any tax factors that J might consider before pur..
No further collections could be made on an account with a balance of $18,000. It was estimated that the repossessed furniture could be sold as is for $5,400, or for $6,300 if $300 were spent reconditioning it. The gross profit rate on the original..
Percy Corporation was organized on January 1, 2010, with an authorization of 1,200,000 shares of common stock with a par value of $6 per share. Percy used the cost method to record the purchase and reissuance of the treasury shares. What is the to..
Briefly discuss the operating performance and financial positions of Sepracor Industry averages for these ratios in 2007 were ROA 3.5%; Return on Equity 16%; and Debt to Assets 75%. Based on this analysis, would you make an investment in the compa..
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