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What is meant by "major fund reporting"? How does this differ from reporting by fund type? For what fund types is major fund reporting required? For what fund types is fund type reporting required?
Brown Company has $30,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $25,000 and cost of goods sold was $40,000, how much would Brown report for cost of goods manufactured?
what is the difference between the sales journal and the accounts receivable master file? Why are they both important?
During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
Explain how acceptance of large, high risk audit clients for relatively high audit fees may threaten and audit firm's de facto and perceived independence. Under what circumstances should such prospective clients be avoided?
hours worked, 48; federal income tax withheld, $341; cumulative earnings for year prior to current week, $96,780; social security tax rate, 6.0% on maximum of $103,004; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid..
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
On February 1, 2010, Pat Weaver Inc. (PWI) issued 9%, $1,400,000 bonds for $1,700,000. PWI retired all of these bonds on January 1, 2011, at 102. Unamortized bond premium on that date was $142,800. How much gain or loss should be recognized on thi..
Discuss your thoughts on whether CEOs' exceptionally high pay is economically justified. Explain your rationale.
Pet Inc. decides, since interest rates were low that it was time to retire bonds with a maturity value of $1,000,000. The bonds were callable at 100 but the market price right now is 92. Pet Inc. decides the best course of action would be to purchase..
A trust has net accounting income and distributable net income (DNI) of $60,000, all from taxable sources. The trustee is required to distribute $40,000 of current income to Harry.
Classic Ions, nc. purchased manufacturing equipment with an expected useful life of five years or 5,000 hours of usage. The equipment was purchased on Janruary 1, 2008, for $460,000.
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