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1. What is self-employment tax? What are its components? How does this compare with FICA payments and payroll taxes that an employee pays on earned income?
2. The cash basis of accounting can result in a great deal of manipulation. How is this so? Does the IRS encourage or discourage the use of cash basis accounting?
3. If a company has a DSO above the industry average, what can the company do to get its DSO below the industry average?
4. Can timelines be useful in solving time value of money problems? Please explain.
The new machine would cost $20,000 per year to operate and maintain, but would save $100,000 per year in labor and other costs. The old machine can be sold now for scrap for $50,000. The simple rate of return on the new machine is closest to:
Hamilton Company owns 51,000 of Hennie Company's 100,000 outstanding shares of common stock. Hennie Company pays $25,000 in total cash dividends to its shareholders. Hamilton's entry to record this transaction should include a:
Ziebart Corp.'s EBITDA last year was $390,000 (= EBIT + depreciation + amortization), its interest charges were $9,500, it had to repay $26,000 of long-term debt, and it had to make a payment of $17,400 under a long-term lease. The firm had no amo..
Earth Company expects to operate at 86% of its productive capacity of 52,000 units per month. At this planned level, the company expects to use 26,832 standard hours of direct labor.
Prepare a master budget including a budgeted income statement, balance sheet, statement of cash receipts and disbursements, and supporting schedules for the months January through March 2008.
At December 31, 2008, Mongo, Inc. reported in its balance sheet a net loss of $3 million related to its pension plan. The actuary for Mongo at the end of 2009 increased her estimate of future salary levels. Mongo's entry to record the effect of th..
What is the difference between collecting taxes and paying taxes?
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
No inventory was on hand at the beginning of the month. What is the cost of merchandise sold and cost of ending inventory under the FIFO method for June?
Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
A loss contingency shoulf be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
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