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What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in the final liquidation?
The balance sheet for Reading Company reports the following information on July 1, 2010. Reading decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2010.
What do you do if you are unable to determine internal controls? Which do you think is most important?
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
Assume there is a well-financed, one-year-old company in the biotech industry that is concentrating on developing chemical-based compounds that are aimed at developing drugs to reduce the effects or onset of Alzheimer's Disease.
On August 31, 2008, Devs Autoparts Company sold $8,000 worth of parts to Metro Repair Company. The terms of the sale were n/90. Devs receivable policy is to start charging interest of 9% (annually) on all balances over 90 days. Interest is accrued..
The sausage system will save the firm $256,800 per year in pretax operating costs, and the system requires an initial investment in net working capital of $59,920.
A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
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