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Give an example of a transaction that results in:
a.) A decrease in an asset and a decrease in liability.
b.) A decrease in one asset and an increase in another asset.
c.) A decrease in one liability and an increase in another liability.
2. What are the 3 different trial balances? How are they the same, different and why do we need each?
3. What are adjusting entries and why are they necessary?
4. What are the differences between accrual and cash basis accounting? Why is cash accounting not appropriate for financial reporting?
Jade Corporation merged into Fluorite Corporation 2 years ago. At the time of the merger, Jade had an E & P deficit of $350,000 and Fluorite had a positive E & P of $300,000. The prior 2 years have resulted in a positive E & P of $100,000.
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
What gain or income do Sara and Jane recognize on the exchanges? What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?
Is there a need for revamping the standard setting for (GAAP) accounting and should the federal government be involved?
Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks,disclosed that 750 million shares of common stock have been authorized.
The accumulation was motivaated by his thinking that a depression was just around the corner. Tax savings did not enter his mind. Does the accumulated earnings tax apply to T corporation?
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements?
The SEC currently requires foreign companies that list shares on U.S. exchanges to provide:
Better home products Canadian operations are organized into two divisions: west and east. west division sells a component that could be used by east division in making one of the company's principal products.
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
Daggar capitalizes the lease, whereas Bayshore records the lease as an operating lease. Both firms depreciate assets by the straight-line method, and both treat the lease as an operating lease for federal income tax purposes.
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