Why does it make sense to let the firm's cash balance or a short-term liability account serve as the plug figure in pro forma projections? Why not use gross fixed assets as the plug figure?
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Murphy Corporation began operations in 2007 and reported pretax financial income of $225,000 for the year. Murphy's tax depreciation exceeded its book depreciation by $30,000. Murphy's tax rate for 2007 and years thereafter is 30%. In its December 31, 2007 balance sheet, what amount of deferred tax liability should be report
I need help with this problem. Strickland Corporation earned a net income of $300,000 in 2008 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $400,000 of 10% bonds, which are convertible into 16,000 shares of common. Strickland's tax rate is 40 percent. Compute Strickland's 2
Discuss the Robinson' family's 2007 tax return. Develop a presentation for the Robinson' to explain their 2007 tax return and based on the completed return for 2007, make suggestions for other tax-savings strategies. My portion of the tax return is to explain Schedule D and E and come up with some tax savings strategies. I hav
Question: Does the balance in accumulated depreciation - machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?
Bad Debt expense for Pure-Air Distributing. Why is there a difference in Bad Debts expense and the Allowance for Debt Doubtful accounts?
As the accountant for Pure-Air Distributing, you attend a sales managers meeting devoted to a discussion of credit policies. At the meeting, you report that Bad Debts expense is estimated to be $59,000 and Accounts Receivable at year amount to be $1,750,000, less a $43,000 allowance for Doubtful accounts. Sid Omar, a sales manag
Identify one or more control procedures (either general or application controls, or both) that would guard against each of the following errors or problems. a. Leslie Thomas, a secretary at the university, indicated that she had worked 40 hours on her regular time card. The university paid her for 400 hours worked that week.
What is the justification for expensing organization costs versus capitalizing them? What would be some arguments against expensing organization costs?
Identify and research three different accounting software applications. Compare and contrast each accounting application. Describe the industries and organization size that the application is best suited for. Identify each application's strengths and weakness. Prepare a 10-minute PowerPoint® presentation that documents your ana
Jack Robinson is considering selling his computer consulting business. Discuss the possible tax consequences of the sale fo the business Deliver with references
The electronic fund transfer (EFT) system includes ATM's, point-of-sale terminals, direct deposits and withdrawals and payments by phone or computer, using PIN numbers instead of signatures. Do you feel the conveniences are worth the risks? How does the UCC deal with electronic transfers?
Esther Industries developed the following standards for one of its products: Material 6 feet $15/foot $ 90 Labor 10 hours $12/hour 120 Total variable cost $210 Actual results for September were: Units produced 13,000 Material purchased 40,000 feet for $14.25/foot Material used 80,000 feet Direct Labor 1
Logan, Inc. began work in 2004 on a contract for $6,300,000. 2004 2005 Costs incurred to date 2,700,000 4,200,000 Estimated costs to complete 1,800,000 - Billing to date 2,100,000 6,300,0000 Collec
Seeman Furniture uses the installment sales method. No further collections could be made on an account with a balance of $12,000. It was estimated that the repossessed furniture could be sold as is for $3,600, or for $$4,200 if $200 were spent reconditioning it. The gross profit rate on the original sale was 40%. What was loss o
What are the tax advantages of qualified private pension plans?
1. Identify and list the deposits in transit at the end of August. 2. Identify and list the outstanding checks at the end of August. 3. Prepare a bank reconciliation for August. 4. Give any journal entries that the company should make as a result of the bank reconciliation. Why are they necessary? 5. After the reconciliat
Spreadsheet Analysis of the EOQ at the Neighborhood Pharmacy, Inc. During the relevant planning period, the per unit purchase cost for an important prescribed (ethical) drug is P=$4, the total estimated use for the planning period is X=5,000, the cost of placing an order is $50, and the per unit carrying cost is C=$0.50, cal
Why is the liability loss exposure more difficult to gauge than the property loss exposure?
I just need to know how to APA format spreadsheets I need to paste into my write-up. A more detailed explanation: A typical homework assignment (MBA accounting) will be to answer four questions which require three to five pages of narrative and inserting, for example, and income statement, 10 or so row reconciliation, and ma
Why was universal life insurance popular in the 1980s? What made variable life insurance popular in the 1990s?
Last fiscal year, Afton Machinery had the following financial statement data: Sales/Assets 2.10 Net Income/EBIT 0.65 EBIT/Sales 0.10 Assets/Equity 3.00 Calculate Afton's return on assets and return on equity.
Why does the IRS permit a tax payer to have $250,000 of non-taxable gain from the sale of a personal residence? Explain.
A few years ago, a publishing company in the fourth quarter had a net profit figure that exceeded sales for that quarter. Such a situation as this suggests that some difficult accounting issues are involved in interim reporting. Instructions: (a) What are the major accounting problems related to interim reports? (b) Wh
Deliverable Length: 10-12 slides with speaker notes and references Details: The local college has requested that someone from your company attend a workshop for college students to discuss income tax deductions. Develop a presentation explaining earned income credit, employee business expenses, charitable contributions, an
Question 1: Forecasts Recent proposals by investors and others have suggested that corporations include financial forecasts in their annual reports. It further has been suggested that the CPA attest to those forecasts. Instructions: (a) What arguments are advanced to support the publication of such forecasts? (b)
Should both favorable and unfavorable variances be investigated, or only the unfavorable ones? Explain.
Information derived from Advanced Financial Accounting. 6th Edition, Baker-Lembke-King: E6-9 Transfer of Depreciable Asset at Beginning of Year Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1, at underlying book value. On January 1, 20X5, Frazer received $245,000 fro
Route Manufacturing purchased 80 percent of the stock of Hampton Mines Inc. in 20X3. In preparing the consolidated financial statements at the end of 20X5, Route's controller discovered that Route had purchased $75,000 of raw materials from Hampton Mines during the year and that the parent company had not paid for the last purch
Part I Discuss each of the following terms. Explain why this concept is important to financial statements. A. Generally Accepted Accounting Principles B. Historical Cost C. Accrual Basis versus Cash Basis Accounting D. Current Assets and Liabilities versus Non-Current Items Part II 1. Refer to the following three se
Please helps with the following problems. Month of Dec Units of completion Costs Beginning wip inventory, Dec 20,000 direct materials 80% 200,000 conversion costs 90%