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Flat Tax: Good Plan or Not

There have been some discussions about the possibility of IRS applying only a flat tax rate in the future to every individual's income in order to calculate the individual's share of income tax. Share your opinion about this plan with class and explain why you do or do not like this plan.

Financial Accounting Analysis

** Please see the attached file for the requisite financial statements ** SAC has developed revolutionary manufacturing techniques utilizing its new spark plug manufacturing technology to offer special-order spark plugs for the auto racing industry. The company is currently using process costing for its spark plugs but is con

Talley Corporation Tax Liability, Income, and Tax Rates

In its most recent financial statements, Newhouse Inc reported 50 million of net income and 810 million of retained earnings. The previous retained earnings were 780 million. How much in dividends was paid to shareholders during the year? The Talley Corporation had a taxable income of 365,000 from operations after all operati

Accounting Terminology

Explain the accounting issues and methods for the following: 1. cash, inventory, and accounts receivable. Include a discussion for how inventory costing assumptions influence the resulting accounting numbers. 2. buildings and equipment. Include a discussion for how the depreciation schedule chosen influences the resulti

Basic Accounting Problem: Horizontal Analysis

See attached file for clarity. Following is a comparative balance sheet for WorldView International Corporation: WorldView International Corporation Balance Sheet December 31, 2008 and 2007 2008 2007 Current assets Cash $ 10,000 $ 5,000 Short-

Accounting 4 - cost accounting

Explain why the answer is chosen: 13. The three sections of a statement of cost of goods manufactured include: a.variable expenses, contribution margin, fixed expenses. b. direct costs, indirect costs, operating profit. c. sales revenue, gross profit, selling and administrative expenses. d, raw material, direct la

Divergence in margins

National cereal manufacturers receive high margins for many of their cereals, often ranging from 60-75 percent. By contrast, the large retail grocery chains (Kroger, Safeway, etc.) that sell cereal make much smaller margins. What would explain this divergence in margins?

collecting accounting evidence

Which procedures for collecting accounting evidence have you used in your career? Explain how one of these procedures was used.

Accounting practice questions

1------The following infrmation is available for Hughes Co. 2010 2009 2008 ------------------------------------------------------------------------------------------------- Net income $2,500 $1,700 $1,900 Ne

Novastar Corporation - Balances

Novastar Corporation issued 2,000 of its $1,000, 10% ten-year bonds dated July 1, Year 1 on July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually. The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation wou

Bond Liability: Todd Corporation Example

On Dec 31, Year 1, Todd Corporation issued 500 of its 10%, $1000 bonds at 105. Todd Corporation uses IFRS. The bonds were issued through an underwriter to whom Todd paid bond issue costs of $15,000. On Dec 31, Year 1 balance sheet, Todd should report the bond liability at: A 500,000 B 510,000 C 515,000 D 525,000

Total Proceeds of a Bond

Septer corporation issued 2000 of its $1000, 8% ten-year bonds dated July 1, Year 1 on Sept 1, Year 1, at a time when the market paid 9% for bonds of similar risk. The bonds were quoted at 94 and pay interest quarterly on Sept 30 and Dec 31. What were the total proceeds of the bond issued at the time of sale?

The Composite Life of the Assets

A schedule of machinery owned by Red Bird Manufacturing Company is as follows: Total Estimated Cost: Machine A: $450,000, Machine B, $170,000, Mach C $40,000 Estimated Salvage Value: Mach A: $30,000, Mach B: $10,000, Mach C: $0 Life in Years: Mach A: 6, Mach B: 8, Mach C: 4 Red Bird computes composite depreciation on

Employment-Related Expenses.

Mike incurs the following employment-related expenses in the current year: Actual automobile expenses $ 2,500 Moving expenses (deductible under Sec. 217) 4,000 Entertainment expenses 1,500 Travel expenses (including $500 of business meals) 2,500 Professional dues and subscriptions 500 Total $11,000 Mike's AGI is $120,00


Is all evidence the same or is some more valuable than others? Explain.

Accounting fraud and abuse

Explain whether or not the government has been successful in its oversight of accounting fraud and abuse.

Managerial Accounting. Cost Accounting. Product costs.

See attached for better formatting... In the T-account cost flow diagram of balance sheet inventory accounts and the cost of goods sold accounting Raw material purchases are debited to work in progress Cost of goods manufactured is debited to finished goods inventory Cost of goods sold is debited to finished goods inventor

Changs in the Cash Account: Increase, Decrease or No Change

Changes in the cash account. Indicate the impact of the following corporate actions on cash using the letter I for and increase, D for a decrease, or N when no change occurs. a. A dividend that is paid with funds received from a sale of debt. b. B. real estate is purchased and paid for with short-term debt. c. C. inventory

13-49 Variances

Study Appendix 13. Consider the following data regarding factory overhead: Variable Fixed Budget for actual hours of input $45,000 $70,000 Applied 41,000 64,800 Budget for standard hours allowed for actual output achieved ? ? Actual incurred 48,500 68,500 Using the above data, fill in the following blanks with the varianc

Appreciation Rates: Columbus, Ohio

Eric and Pamela may want to sell this house in 10 years or so in order to get a bigger house. They would hope that the house would appreciate to at least $190,000. Research the appreciation rates of single-family homes in your city, region, or state. Based on your research, do you think it is reasonable to expect this house t

Fraud and Detection: skimming, Cash Larceny Schemes, Check Tampering

Out of 150 multiple choice questions I am having hard time with the following 9. Chapter 1 - Introduction 1. Which of the following best describes the objective of a fraud examination? a. Make recommendations to management about how to prevent fraud. b. Determine whether financial statements are free of misstatements due

Value of stock after dividend: Example Problem

2 Million shares of common stock outstanding, net income 55,000 and P/E ratio for the stock is 10. Management is planning a 20% dividend. What will the price of stock be after dividend? If investor owns 100 shares before dividend does the total value of his share change? Explain. What formula can I use in Excel to solve t