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    Income

    6. Selected transaction data of a business for June are summarized below. Determine the following amounts for June: (a) total revenue, (b) total expense, (c) income from operations. Service sales charged to customers on account during June $35,000 Cash received from cash customers for services performed in June 30,000 Ca

    Carol Thomas Flow of Money

    Carol Thomas will pay out $6,000 at the end of year 2, $8,000 at the end of year 3, and receive $10,000 at the end of year 4. With an interest rate of 13%, how much does she need to have on hand to meet her obligations? Consider all flows of money in make your decision. A) $7,326 B) $10,242 C) $16,372 D) $4,112

    Calculating Depletion Expense and Discovering its Impact

    A company purchased oil rights on July 1, 2008 $1,200,000. If 200,000 barrels of oil are expected to be extracted over the assets life, and 30,000 barrels are extracted and sold in 2008, the recognition of depletion expense on December 31, 2008 would cause what?

    Sell or Process Decision at Zeppe Inc.

    Zeppe Inc. purchased potatoes from farmers. The potatoes are then peeled, producing two intermediate products- peeled and depeeled spuds. The peels can then be processed further to make a cocktail of organic nurtrients. And the depeeled spuds can be processed further to make frozen french fries. A batch of potatoes cost $63 to b

    Accounting problems

    38) Account Record of Loan Oak Products: Raw materials purchases $175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Selling & admin expense 195,000 Other factory cost 344,000 Sales revenue ($130 per unit) 1,495,000

    Accounting concepts

    Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. Compare the three forms of business entities: corporation, partnership and sole proprietor. What are the advantages and disadvantages or each form of entity? Share with the class your experience with the different forms of en

    Accounting Equation

    Increase an asset and increase a liability. Increase one asset and decrease another asset. Decrease an asset and decrease owner's equity. Decrease an asset and decrease a liability. Increase an asset and increase owner's equity.

    Statue of Limitations for Fraud and Tax Deductions

    State the statue of limitations for transactions involving: a. Fraud (e.g., failure to file a tax return) b. Disallowance of tax deduction items c. The omission of rental income equal to greater than 25% of the taxpayer's reported gross income.

    MBA 540: Calculate the range of the return of a stock

    If the arithmetic mean of a sample stock returns for a number of years is 6.2% and the standard deviation of that sample return is 8.7%, what is the range of the return of this stock? What is the calculation I use to determine the range of the return of this stock?

    Depreciation on Vehicles to maximize tax benefit

    Grace, drops by the office on the Monday after Thanksgiving. She says that over the holiday she was reviewing her books and projecting the remainder of the tax year. She projects that her Schedule C will show a net profit of $300,000 this year. This is substantially higher than in the prior year. She is concerned that she wi

    Question about Comprehensive Bond Problem

    Danny Ferry Co. sells $250,000 of 10% bonds on March 1, 2007. the bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2010. The bonds yield 12%. Give entriels through December 21, 2008. Instructions: Prepare all the relevant journal entries from the time of sale until the date indica

    CPA advises counsel of a problem

    The CPA is advising counsel of a problem, and telling him/her that additional steps will be taken by the CPA. Those steps would include meeting with the board of directors of the firm, and advising them of the fraud. Can the CPA stay clean by doing that?

    Stock Values

    Warren Corporation will pay a $3.60 per share divided next year. The company pledges to increase its dividend by 4.5 percent per year indefinitely. If you require a 13 percent return on your investment, how much will you pay for the company's stock today?

    Calculating Present Values

    For each of the following, compute the present value: Present Value Years Interest Rates Future Value 6 5% $15,451 9 11 51,557 18 16 886,073

    Career Opportunities

    Resources: U.S. Department of Labor, Bureau of Labor Statistics Web site and Careers in Accounting Web site Post a 200- to 300-word response to the following: There are many career opportunities in the field of accounting. Visit the U.S. Department of Labor, Bureau of Labor Statistics at http://www.bls.gov/oco/ocos001.htm for

    Corporate Welfare Benefits Individuals

    Critics argue that many business tax incentives are corporate welfare, providing tax benefits at the expense of individuals. Identify one possible way that corporate welfare indirectly provides economic benefits to individual taxpayers.

    High of Profit/Low Operating Income

    Provide an example from the Internet that demonstrates a situation in which a company's net profits looked good in the statements, but the gross or operating profits presented a different picture. Discuss how this might have occurred. "Why is the bottom-line figure, net income, not necessarily a good indicator of a firm's

    Bobby Jenks Co & Keach Co: Calculate gain on sale of machinery

    Bobby Jenks Company purchased machinery for $160,000 on January 1, 2004. Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2008 at a gain of $3,000. How much cash did Bobby Jenks receive from the sale of the machinery? Keach Company trade

    Computation of gain or loss on disposition of machinery

    Jeter Company purchased a new machine on May 1, 1998 for $176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2007, the machine was sold for $24,000. Wh

    The WorldCom Scandal: Describe mechanisms used; Board of Directors manipulation

    WorldCom: The Final Catalyst on pp. 114-118 1. Describe the mechanisms that WorldCom's management used to transfer profit from other time periods to inflate the current period. 3. How should WorldCom's board of directors have prevented the manipulations that management used? 4. Bernie Ebbers was not an accountant, so he

    Challenges of Communicating a New SAS

    You are a junior accountant at a small accounting firm. A partner of the firm has asked you to communicate the new SAS 112 (Statement of Accounting Standards [Rules auditors have to follow]) regulation to certain groups and how this change would affect them. He has asked you to create and submit a package of materials that inclu

    Tax Issues: Hobby loss rules for the ranch. Martha is a successful orthodontist

    After many years as a successful orthodontist, Martha has decided to buy a ranch in the country. Martha has always liked horses and anticipates acquiring several for the ranch. On the weekends, Martha can relax at the ranch and ride her horses. The cost of operating the ranch and owning horses will be substantial so she plans to

    Watson Cosmetics: Compute the Perfume Division's ROI and residual income

    The manager of Watson Cosmetics's Perfume Division is evaluated on her division's return on investment and residual income. The company requires that all divisions generate a minimum return on invest assets of 8 percent. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. The

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