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# Accounting

### Characteristics of General Computer Systems

What characteristics of general computer systems people are most familiar with and how familiar are they with them? Which characteristics do they understand best? Which characteristics do they understand least?

### E11-10 E11-14 Discuss the accounting treatment of the depreciation on the equipment

E 11-10. On January 2, 2011, the Jackson Company purchased equipment to be used in its manufacturing process . The equipment has an estimated life of eight years and an estimated residual value of \$30,625. The expenditures made to acquire the asset were as follows Purchase price \$154,000 Freight charges 2,000

### Depreciation and accounting change for Wardell, Clinton Poultry

E 11-18. Wardell Company purchased a minicomputer on January 1, 2009, at a cost of 440,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of \$4,000. On January 1, 2011, the estimate of useful life was changed to a total of 10 years, and the estimat

A company allocates overhead based on square feet to their 2 divisions, F and G. they have \$20,000 of indirect costs. Divsion F Sales \$20,000 Direct costs \$7,000 Square feet \$8,000 Division G Sales \$30,000 Direct Costs \$5,000 Square feet \$2,000 Calculate the profit of each division after allocation. Why should th

### What factors must be taken into account in determining whether an individual with a communicable disease that is a disability is otherwise qualified for the job?

What factors must be taken into account in determining whether an individual with a communicable disease that is a disability is otherwise qualified for the job?

### Federal Debt

Explain the relationship between federal debt and annual yearly surpluses or deficits. Discuss the impact on interest rates and future tax burdens

### Tax Deductions- Cell Phone

The taxpayer Bob has a cell phone that he uses for business. Is he allowed to deduct the full value of his cell phone as a business expense? Bob decides to analyze his actual usage for the past year and determines that 60% of his data usage is personal (nonbusiness). Can he still deduct the full amount? Where might he turn fo

### Tax liability for Clients Growing Business

Your client has a growing business (structured as an partnership). She realizes that given her low AGI at this point in time, she will pay more federal taxes. However, once she can generate a higher AGI, she feels confident that all of the "tax breaks for the rich" will kick in and lower her tax liability to a very low level.

### An explanation of the marginal tax rate and average tax rates for this tax payer.

Another client, Ms. Dunham, has asked you to help her understand how her tax is computed. You need to provide Ms. Dunham with the following: An example of how to calculate the tax liability using the tax rate table and the tax rate formula for a taxpayer with taxable income of \$55,000, filing status married filing jointly. A

### Income in Respect of a Decendant (IRD) for Joyce Ingalls

Joyce Ingalls is the daughter of the late Fred Ingalls, who died August 15, 2010. One of the items included in this gross estate was a traditional (regular/non-Roth) IRA valued at several million dollars. Mr. Ingalls's estate will owe taxes, but no estate taxes had been paid by March 1, 2011, the date Joyce filed her 2010 indivi

### Harper will exchange machines with either Austin Corporation or Lubin Company: Like kind exchange

Questions 2 & 3 are based on the following information. Harper is contemplating exchanging a machine used in its operation for a similar machine on May 31. Harper will exchange machines with either Austin Corporation or Lubin Company. The data relating to the machines are presented below. Assume the exchanges would have comm

### Calculate capitalized interest, research and development expense

Please show the steps to follow to complete the exercises. 10-24 On January 2, 2011 the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012. The Company borrowed \$1,500,000 on January 1 to help finance the construction. In addition to the construction l

### Corporation Taxes

Corporations are a separate taxable entity; however, they can elect to be taxed as an S-corporation. What are the benefits and impact of a corporation electing to be taxed under subchapter S of the code?

### Total Manufacturing Costs

Francum Manufacturing Company has the following data: direct labor \$229,000, direct materials used \$180,000, total manufacturing overhead \$208,000, and beginning work in process \$25,000. Compute (a) total manufacturing costs and (b) total cost of work in process.

### Irregularities to Look for in Cash and Payroll

What irregularities should a fraud examiner look for in areas within a firm where physical cash is used? What irregularities should a fraud examiner look for in the payroll function within a firm?

### Compare and Contrast Active, Portfolio, & Passive Income

Compare and contrast active, portfolio, and passive income. Provide an example of each. What types of losses are potentially characterized as passive losses? What are the implications of treating losses as passive?

### Beldon & Oaktree: Amount to capitalize for new land and building, and for new machine

Please show the steps to follow to complete the exercises. 1. On March 1, 2011, Beldon Corporation purchased land as a factory site for \$60,000.00. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2011. Costs incurred during this period are listed be

### Types of business entities and how they are taxed

Discuss the different types of taxes. These types of taxes affect individuals and businesses. Keeping in mind how each business entity is taxed; what are the different types of business entities a taxpayer can choose? Explain the advantages and disadvantages of each type of business entity. Also, identify how a limite

### Standards and rules for the CPA profession in five major areas

The American Institute of Certified Public Accountants sets standards and rules for the CPA profession in five major areas. Of these five, which is the most important and why?

### Taxable income

What are the differences between the following components of taxable income? Provide at least one example of each. Deductions for AGI and deductions from AGI Gross income and AGI AGI and taxable income Tax deduction and tax credit Personal exemption and dependency exemption

### Preparing a Schedule of Cash Collections

I am not understanding how to break these figures down quarterly. The examples in the textbook are done by quarters byt he assignment is asking for monthly figures: Duffy Corporation has prepared the following sales budget: Month Cash Sales Credit Sales May

### Lab surrounding EOQ

Please see the attachment question for assistance. Lab 1: Low Nail Company Scenario/Summary After making some wise short-term investments at a race track, Chris Low had some additional cash to invest in a business. The most promising opportunity at the time was in building supplies, so Low bought a business that specialized

### Indicate the organization or organizations associated with each activity.

Organizations associated with the public accounting profession. Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs. 2. Promulgate GAAP. 3. Issue Statements on Auditing Standards. 4.

### Internal Policies

Establish internal policies regarding the creation of business contracts as well as electronic communication. Basically what policies (what should be included) should be established for business contracts and electronic communication (e-mail).

### Realization of Gain or Loss

Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and tax-adjusted bases: FMV Tax-Adju

### CPA Professional Standards

Explain economic issues that bring concern to pricing tax services. Are there any ethical challenges when hiring non-CPAs to do taxes (using new IRS laws)? What standards apply?

### Lindsey Manufacturing Company: Reasons for Variances...

During February the Lindsey Manufacturing Company's costing system reported several variances that the production manager was surprised to see. Most of the company's monthly variances are under \$125, even though they may be either favorable or unfavorable. The following information is for the manufacture of garden gates, its on

### Bale Company Land Account Appreciation Calculation

Bale Company buys land for \$100,000 on 12/31/06. As of 3/31/07, the land has appreciated in value to \$101,000. On 12/31/07, the land has appraised value of \$103,600. By what amount should the Land account be increased in 2007?

### Calculating Earnings per share

For 2007 Mossland Corporation reported net income of %28,000, net sales \$400,000, and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share? Earnings per share:__________________

### two popular methods for allocating service department costs.

Briefly describe the two popular methods for allocating service department costs.