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You are controller for an architectural firm whose accounting year ends on December 31. As part of the management team, you receive a year- end bonus directly related to the firm’s earnings for the year. One of your duties is to review the transactions recorded by the bookkeepers. A new bookkeeper recorded the receipt of $ 10,000 in cash as an increase in cash and an increase in service revenue. The $ 10,000 is a deposit and the bookkeeper explains to you that the firm plans to provide the services to the client in March of the following year. 1. Did the bookkeeper correctly record the client’s deposit? What would you do as controller for the firm? Do you have a responsibility to do anything to correct the books? Explain your answer.
Be sure to include an evaluation of the Footnote disclosures regarding Lucent's inventories in your examination. Does explanation for the earnings shortfall provided by Lucent's managers make sense in light of your analysis?
No gift tax was paid. Hart, Jr. sold the 25% partnership interest for $85,000 on December 17 of this year. What type and amount of gain should Hart, Jr. report on his current-year tax return?
ForCo, a foreign corporation, receives interest income of $100,000 from USCo, an unrelated domestic corporation. USCo has historically earned 85% of its income from foreign sources. What amount of ForCo’s interest income is U.S. source?
what additional intermediate components of income would be presented if the company uses a periodic inventory system?
Provide an example of when reclassifying a long term investment as a short term investment makes financial sense for company.
What is the amount the employer should record as payroll taxes expense for the employee for the month of January?
Assume Ken’s modified adjusted gross income for purposes of the bond interest exclusion and for determining the taxability of his Social Security benefits is $70,000 and that Ken files as a single taxpayer. Find out Ken’s 2009 gross income
What are the variable costing inventory cost per unit be for 2010,2011, and 2012, respectively?
Which of the following is an example of a variable cost and Which one of the following statements best explains why companies want to distinguish between direct and indirect costs
Summarize charges and proposed rebuttal or mitigation of charges and lessons learned. Propose actions that can be taken by the management in the future to avoid future anti-trust actions.
What is the WACC (Weighted Average Cost of Capital) of Bickely with its 30/70 capital structure? Bickley’s average borrowing rate with this capital structure is 7.5%. Illustrate what will be Bickley’s WACC with its 15/85 capital structure?
What is wrong with the president's calculation and What are the fixed and variable costs of operating the university?
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