1) The statement of cash flows is used for . 2) Non-operating items on the income statement . 3) The difference between a single-step and multiple-step income statement is that a single-step income statement . 4) Which one of the following statements is true? 5) The accounting convention uses the acquisition cost minus d
Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan. His bill would scrap the current tax system and replace it with a flat 9% corporate income tax, a 9% tax on individual income and a
Kirsi Products is decentralized. Division bonuses are based on return on investment (ROI), and so division managers are very careful about their ROI. Operating results for the company's East Division for last year are given below when the company's overall ROI was 18%: Sales $ 25,200,000 Variable expenses 14,000,000 Contr
In what types of situations could it be appropriate to use equity-method reporting even though the investor does not hold voting common stock of the investee? Explain.
Discuss with your new accountant your opinion on the merits of GASB Statement No. 56. Is it really worthwhile for the government to implement this new Statement? Why/why not?
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
What should you consider when deciding to retain or replace equipment? Why are these relevant considerations?
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
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:
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
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
LaGrange Corp. has forecasted that over the next four years the average annual after-tax income will be $45,731. The average book value of the manufacturing equipment that is used is $167,095. What is the accounting rate of return?
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
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
Caleb's medical expenses before reimbursement for the year include the following: Medical premiums $11,000 Doctors, hospitals 3,500 Prescriptions
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
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
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
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
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
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 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
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
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
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
Assume the following facts: 2007 2008 2009 2010 2011 2012 Taxable income (loss) $19,000 $(24,000) $24,000 $36,000 $(30,000) $(34,000) The taxpayer has elected to carry-back the net operating losses as incurred and elected the "two-year" carry-back provision. T
Revenues Operating income Total assets Entertainment 1272 223 1120 Publishing/information 705 122 1308 consumer/commercial financial 1235 244
Richard exchanges a building with a FMV of $75,000, a basis of $35,000, and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill. What is the amount of Richard's realized gain? A. $0 B. $15,000 C. $25,000 D. $40,000 35,000 + 25,000 = 50,000 50,000-50,000 = 0 A.
Which of the following statements is true? I. The entire amount of realized gains and losses from the sale of assets are recognized for tax purposes. II. If stock sold or exchanged is not specifically identified, the FIFO (first-in, first-out) method of identification must be used. A. I only B. II only C. Both
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