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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170. Peter has decided not to notify the bank but wait for the bank to detect the error. Peter plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. -Discuss whether Peter is behaving in a professional manner. What would you do? -As Peter's supervisor how would you handle this situation if you found out what Peter had done? -How would you explain the need for this to be handled correctly? -Why are bank reconcilations so important?
Your client Crimson Corp. (CC) is being audited by the Department of Revenue for the State of New York for the calendar year 2010. CC had been audited by the Internal Revenue Service (IRS) for 2010 and agreed with CC's tax position that the sale o..
Why should the accounting for the lessor be different depending on whether the residual value is guaranteed or unguaranteed? Couldn't they just "adjust" the depreciation expense at the end of the term if the lessee does not pay the residual?
The PBO was $400,000 at December 31, Year 6, and $420,000 at December 31, Year 7. Barrel's effective tax rate is 30%. What is funded status of Barrel Corporation's pension plan at December 31, Year 7?
If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)
Firms A and B are identical except for their level of debt and the interest rates they pay on debt. Each has $2 million in assets, $400,000 of EBIT, and has a 40% tax rate.
Comparison of projects, no income taxes. (CMA, adapted) New Bio Corporation is a rapidly growing biotech company that has a required rate of return of 10%. It plans to build a new facility in Santa Clara County.
Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011.
If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during April or increase the selling or administrative expenses.
Gordon Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $80,000. The deposits are made at the end of each year into an account paying 5% annual interest.
A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
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