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What Accounting method (cash or accrual) would you recommend for the following businesses?a. A gift shop with average annual gross receipts of $900,000b. an accounting partnership with annual gross receipts of $12 million.c. A drywall subcontractor who works on residences and has annual gross receipts of $3 million.d. An incorporated insurance agency with annual gross receipts of $6 million.
Ross company is a computer consulting firm. the company also sells equipment to its clients. the sales of equipment account for approximately %40 of the company's gross receipts. the company has consistently used the cash method to report its income from services and the accrural method to report its income for the sale of inventory. In June of the current year, Ross's accountant discovered that as a small business, the company qualifies to use the cash method for all of its activities. The company is a calendar year taxpayer. As of the begininngin of the current year, the company had $120,000 of inventory on hand and $90,000 aof accounts receivable from the sales of equipment and $30,000 of receivables from the counseling services.a. Compute the adjustment due to the change in accounting method.b. Is the adjustment postive or negative? explain.c. when can the adjustment be taken into account in computing taxable income?
The following data has been taken from the management accounting reports from Spinnaker Sales. Div A -Income from operations $1,800,000 Total service department charges $1,600,000.
You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d
Nature of a Deeds of Arrangement To avoid the expense and delay involved in a bankruptcy, a debtor in trouble may make a private arrangement with the creditors to accept paymen
Most firms build and keep inventories in the course of doing business. Manufacturing firms hold raw material, finished goods and spares and work in process in inventories. Financia
Q. Evaluate Price Earnings Ratio? The P/E ratio is in general regarded as an important ratio for equity investors. The P/E for a company may be utilizing as a basis for compari
how many types of assets and liabilities are there? list of those types required
Calculate the net present value for an investment project with the following cash flows using a 12 percent cost of capital: Year 0 1
A huge number of financial ratios are in utilized. They complete a broad variety of functions and objectives. Managers estimate performance and investors match their expectations,
Calculate Economic profit: Suppose a monopolistically competitive firm is facing the following demand and cost information. a. If the firm is a profit maximizer, how
I am needing homework help on my Principles to Accounting 1, but don''t know how much you guys charge
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