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Question 1: Assume that KASE receives a prepayment from cusomer1 of $1000 worth of consulting services in 20X1.Assuming no consulting services were provided in 20X1 for customer1,Is there income statement activity in 20X1 based on prepayment? when would there be Income statement activity and why?
Question 2: Assume KASEs didnt collect taxes from their employees paycheck.what impact this would have on KASEs employees in terms of their takehome pay and what subsequent impact would this have on KASEs Financial statements(would any accounts be over rated/underrated)?This one is a tougher conceptual question ,so think about what KASE has to do every year in terms of taxes and what the implications are of forgetting to do things they are held liable to do ?
Elucidate Bethlehem’s explanation of why it reduced its prepaid tax asset to zero. Find out whether Bethlehem’s explanation seem reasonable.
What is the percentage of the founder's family votes to Class B votes? (Do not round intermediate calculations. Input your answer as a percent rounded)
Prepare the entry for both companies for this exchange.
Is it ethical for a company to have a secret system like the one described? Explain. Hannah Company maintains two separate accounts payable computer systems.
Under the partial equity method, the parent recognizes income when...
(Ignore income taxes in this problem.) Frick Road Paving Corporation is considering an investment in a curb-forming machine. The machine will cost $180,000, will last 10 years, and will have a $30,000 salvage value at the end of 10 years. The machine..
An electric utility is considering a new power plant in northern Arizona. Power from the plant would be sold in the Phoenix area, where it is badly needed. Because the firm has received a permit, the plant would be legal; but it would cause some air ..
Comment on inventory issues using the concepts of materiality and geographic location. Comment on issues related to diversity in customer base and issues of internal control.
If a client already has sufficient cashflow from other investments outside of superannuation, what is a potential downside to transferring money
In 2011, the estimates are revised. Holt now feels the computer will be used until December 31, 2012, when it can be sold for $500. Compute the 2011 depreciation.
On October? 1, 2017, Ealys Jewelers accepted a 5−?month, 11?% note for $6,500 in settlement of an overdue account receivable. The accounting period ends on December 31. Calculate the accrued interest on the note at December? 31, 2017.?
Indicate the amount of income or loss from the partnership that should be reported by Wilson in 2011 on his Individual Income Tax Return. Compute Wilson's basis in his partnership interest at the end of 2011.
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