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    Reporting Deferred Tax Liability

    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

    Accounting: Diluted Earnings Per Share

    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

    Identifying Control Procedures

    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.

    End User Business Applications

    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

    Risks in the Electronic fund transfer (EFT) system

    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?

    Cost accounting and variance for Esther Industries

    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

    Gross Profit recognized

    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

    Loss on repossession of furniture

    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

    Spreadsheet Analysis of the EOQ at the Neighborhood Pharmacy, Inc.

    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

    APA format. How do I paste spreadsheets into write-up?

    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

    Interim reports

    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

    Powerpoint discussing income tax deductions

    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

    CPA attestation of financial forecasts by corporations

    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)

    Transfer of Depreciable Asset at Beginning of Year

    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

    Intercompany Transfer and Route Manufacturing

    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

    Accounting Concepts and the Relation to Financial Statements

    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

    Preparing a Production Cost Report

    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%