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Accounting

Market Values and Book Values

1. Klingon Cruisers, Inc.., purchased new cloaking machinery three years ago for $9.5 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet shows net fixed assets of $5.2 million, current liabilities of$2.4 million, and net working capital of $800,000. If all the current

Stated Rate of Interest for Bonds

FWP Co. issued $100,000, 10-year bonds on January 1, 2011. The stated rate of interest on the bonds is 10% payable annually on 12/31. Provide the requested information for the bonds immediately after issuance (January 1, 2011) under each of the three independent scenarios described below:

Communicating effectively

I need help to answer the following questions. Question 1: Describe situations where you have effectively demonstrated each of the forms of communication mentioned. Question 2: What did you do to help you communicate effectively? Question 3: How have your communication skills helped you to improve your performance elsewh

Assessing Workplace Behavior

Guidelines: To perform effectively you need to: - prioritise and plan your work to meet objectives, managing conflicting pressures and making best use of time and resources - ensure the quality of your work always meets or exceeds agreed requirements - develop and maintain effective working relationships - actively deve

Accounting Information Systems, Internal Control, and Fraud

Please copy and paste or click on the link below and discuss how accounting fraud relates to accounting information systems. Specifically discuss internal controls. Include whether you think this type of fraud can be controlled effectively. http://www.accountingtoday.com/news/SEC-Refocuses-Accounting-Fraud-66893-1.html

AGI and Deduction

Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for therapy. During the year, Alan makes the following expenditures: Wheelchair

Stock loss and taxing

Ashley, a calendar year taxpayer, owns 400 shares of Yale Corporation stock that she purchased two years ago for $4,000. In the current year Ashley sells all 400 shares of the Yale Corporation stock for $2,400 on December 27. On January 4 of the following year, Ashley purchases 300 shares of Yale Corporation stock for $800. Ashl

Calculating amount of deductible expenses

Jimmy owns a trucking business. During the current year he incurred the following: Gasoline and Oil $ 100,000 Maintenance $ 15,000 Fines for Speeding and Illegal parking $ 8,000 Bribes to Government Inspection Officials

Election campaigns and deductions

Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor Stephens, in hopes that Stephens will appoint her to a coveted position on the State Board of Insurance. How much of the contribution can Pat deduct? A. $0 B. $100,000 C. $500,000 D. $1,000,000

Total Material Variance and Material Variance

1). Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.09 per ounce and the standard price was $0.08 per ounce. There are no begi

Walgreens Accounting Policies

Walgreen Co's 2010 annual report includes the following in the note that summarizes its accounting policies: Inventories are valued on a lower of last-in, first out (LIFO) cost or market basis. At August 31, 2010 and 2009, inventories would have been greater by $1,379 million and $1,239 million, respectively, if they had be

Accounting for Social Clubs

The participants of such recreational activities as hang gliding, soaring, hiking, rock collecting, or skydiving often create local ''birds-of-a-feather'' (affinity) organizations. Two examples are the Chicago sky divers (http://www.chicagoskydivers.com) or the soaring club of western Canada (http://www.canadianrockiessoaring.co

Larner Corporation Diversified Manufacturer

Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates: Activity Cost Pool Activity Rates Supporting direct labor $9 per direct labor-hour Machine processing

Annual Reports: Users, Information, Advantages, Effectiveness, Decision-Making

The annual report is considered by some to be the single most important printed document that companies produce. In recent years, annual reports have become large documents.They now include such sections as letters to the stockholders, descriptions of the business, operating highlights, financial review, management discussion an

Denton Company: Absorption Costing

During Denton Company's first two years of operations, the company reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $63 per unit) $ 1,197,000 $ 1,827,000 Cost of goods sold (@ $39 per unit) 741,000

Fixed Asset Turnover: Returns, Allowances, and Assets

During 2011, Company X sells 500,000 units for $8 each. Sales discounts are $100,000 and sales returns and allowances are $300,000. The company reported a total of $710,000 in fixed assets on January 1, 2011 and $890,000 in fixed assets on December 31, 2011. a. Calculate net sales revenue. b. Calculate average fixed assets. c

Capital assets and taxes

Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will: A. deduct net losses of $6,200 against ordinary income. B. deduct losses of $3,000 against ordinary income and

Court Taxpayers Calendar

During the current year, Danny - a calendar-year taxpayer - acquired and placed in service the following business assets: January: Delivery trucks $ 55,000 March: real estate building 150,000 used for warehouse. June: Computer sy

Bring Your Own Device (BYOD)

Please click on the link below: http://www.sri.com/blog/solving-enterprise-bring-your-own-device-byod-challenges-dual-personality-smartphone Discuss the Bring Your Own Device (BYOD) phenomenon or mobile devices as they relate to AIS. Specifically discuss internal controls. Include your own opinion on whether you think the ris

Rules of US Taxation for Claiming Dependents on Individual Income Tax Returns

Answer the following nine questions regarding claiming dependents: 1. What is the age limitation for a student and a non student? 2. What is the income limitation for a dependent? 3. Who is a qualified child? 4. Who is a qualifying relative? 5. Can a married child ever be claimed as a dependent? 6. How do multiple suppor

Introduction of Sin Tax on Cigarettes and Alcohol

Please help with writing a research paper that examines an issue of current relevance to public policymaking. As you consider topics, remember that this policy paper should contain a comprehensive assessment of the intended policy and its potential consequences. You should think of yourself as a staff person who must advise a

Implementing a change in accounting

Hello, Can you provide direction with the below questions: Lesson 7 has to do with pending changes. The effects of implementing a change are usually dealt with retrospectively or prospectively. 1) Explain briefly the difference between those two methods of applying an accounting change. First give a definition of th

Target Costing in Today's Business Environment

The T&M company wants to expand internationally. The marketing department suggests starting with specialty stores in Italy since a survey indicates that American quality towels are appreciated in Italy. The current price is about 20% higher than comparable towels marketed in that country. The marketing manager says that the c

Choice of activity drivers, measurement, implementation, and more.

Computations and analysis are part of the allocation process. So is an organization's understanding of activities, identification of appropriate activities, a system for tracking, and using the information. Let's try to apply ABC to Netflix and provide the CFO with some advice. Provide a list of five of the company's most i

Stage-Gate Process & Project Charter Book

- Explain/discuss the value of the stage-gate process of new product development - What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?

Corporate Distributions

1) ISH AB = $40 ISH % ownership = 50% CSH AB = $100 CSH % ownership = 50% CEP= $0 AEP = 100 Dates of Distributions: 4/1/10, 12/1/10 On April 2, 2010 (one-fourth of the way through the year), D Corp makes a distribution of $100 to Shareholders. A $100 distribution is declared on 12/1/2010, payable on 12/31/201

Outline for Paper on Accounting Standards

I am looking for an outline with starter points for the following. Please include references where I can find information. Thanks. In recent years, there has been an effort to develop a common set of accounting standards for nations and firms doing business around the world. Discuss how the effort for a global set of accounti

Liquidation of a Partnership

I need help with the attached information in the excel sheet based on the following information: Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquid

Various Accounting Multiple Choice Questions

1) When a corporation distributes a dividend the most common form of distribution is a cash dividend. Dividends account will be increased with a credit. Retained Earnings account will be directly increased with a debit. Dividends account will be decreased with a debit. 2. An ac