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At your first job after graduation, you start working for a local CPA firm. The firm's partner mentions that partnerships are often not accounted for under accrual accounting. You are surprised, since you assumed that all entities are accounted for under accrual accounting in accordance with GAAP. Please comment on the partner's remarks in detail. Is he correct? Explain.
"Robert Turnbull, president of Turnbull Industries, wishes to issue a press release to bolster his company's image and maybe even its stock price, which has been gradually falling. As controller, you have been asked to provide a list of twenty financ..
The present value of $100,000 to be received in five years at an interest rate of 16% compounded annually, is $47,610. Calculate the present value of $100,000 for each of the following:
Compute the return on assets, profit margin and asset utilization rate for Textron and Gulfstream. Assess Textron's competitive financial position. Compute the free cash flow for Textron and Gulfstream.
Determine net income assuming 1000 haircuts are given each month.
What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.
Exchange rates relative to the transaction
The local garden club, an exempt organization, had gross unrelated business income during the year of $15,000. Its costs associated with this income were $9,800. What is its unrelated business income tax?
At the time of the liquidation, the property had a FMV of $80,000. What amount of loss can be recognized by Cooper on the distribution of property?
Compute the volume in units and the dollar sales level necessary to maintain the present profit level, assuming that the maximum price increase is implemented.
What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
1. explain the basic accounting equation. how does the double entry accounting system work?2. what is the
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
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