Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Philip Stanton, the executive manager of Thomson Pharmaceutical, receives a bonus if the company's net income in the current year exceeds net income in the past year. By the end of 2012, it appears that net income for 2012 will easily exceed net income for 2011. Philip has asked Mary Beth Williams, the company's controller, to try to reduce this year's income and “bank” some of the profits for future years. Mary Beth suggests that the company's bad debt expense as a percentage of accounts receivable for 2012 be increased from 10% to 15%. She believes 10% is the more accurate estimate but knows that both the corporation's internal and external auditors allow some flexibility in estimates. What is effect of increasing the estimate of bad debts from 10% to 15% of accounts receivable? Does Mary Beth's proposal present an ethical dilemma?
The financial vice-president has suggested that the patents be recorded at the discounted value of expected net royalty receipts. What is meaning of “discounted value of expected net receipts”? Explain.
Calculation of contribution margin per unit - Determine the contribution margin per unit?
Collection fees associated with the $150,000 were remitted to Kirby County’s general fund prior to year end. Create the journal entries to record tax collections and remittances for the Kirby County Tax Agency Fund.
Are the depreciation techniques used in the company's financial statements evaluated by existing income tax laws? If not, who is responsible for choosing these methods? Describe.
Knollwood Corporation issued $300,000 of 30-year, 8 percent bonds at 106 on one of its semiannual interest dates. The straight-line method of amortization is to be used. Illustrate what is the total interest cost of the bonds?
The building originally cost $600,000 and had an adjusted basis of $200,000 due to the $400,000 depreciation taken when it was sold. What is Caldwell’s Section 1231 gain on the sale of the property?
Compute the minimum transfer price as well as indicate whether the internal transfer must occur for each of the following- Show your computations to receive credit for your answers
There are two types of current liabilities that must be estimated. Describe them and explain why they must be estimated. How are the financial statements affected if they are not estimated?
Selling and administrative expenses budget
Provide Ken with an estimate of the opportunity cost, and explain why you do not have to consider rent or depreciation of office equipment in your estimate .
Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $25,000. If the balance of the Allowance for Doubtful Accounts is $8,000 debit before adjustment, what is the amount of bad debts expe..
paid dividends of $80,000. If Kilmer’s ending retained earnings was $330,000, what was the company’s revenue for the year?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd