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The accountant at Patton Company has determined that income before income taxes amounted to $8,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
A. $7,000
B. $7,700
C.$8,300
D. $9,000
Compute each partner's equity on the books of the new partnership under the following plans:
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Barkley Company uses a periodic inventory system and has the following account balances: Beginning Inventory $50,000, Ending Inventory $70,000, Freight-in $12,000, Purchases $450,000, Purchase Returns and Allowances $8,000, and Purchase Discounts ..
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A check correctly written and paid by the bank for $395 is incorrectly recorded on the company's books for $359. The appropriate adjustment on a bank reconciliation would be to?
(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.
Professional standards require independence in fact and appearance in regards to assigning auditors to engagements. Briefly define the terms in fact and appearance. What are the ethical implications and rationale for these auditing procedures?
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