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    Financial Accounting & Bookkeeping

    Robertson Inc: Property Plant & Equipment activity loss on disposal

    1. The property, plant, and equipment accounts of Robertson Inc. had the following balances at December 31,2014. Account Name Amount Land $300,000 Land improvements 140,000 Buildings 1,100,000 Equipment 960,000   Transactions that occurred during 201 include the following: i. A tract of land was acquired for$150,0

    Crystal Corporation bond amortization effective int & SL methods

    On January 1, 2014, Crystal Corporation issued a $100,000 10-year bonds at 11%. Interest is paid annually on December 31. The bonds were sold for $94,349 and the yield is 12%. Required Prepare an amortization schedule that determines interest at the effective interest rate. Prepare an amortization schedule by the straight-lin

    Eastern Contingent Liabilities: Record or not? JEs and footnote.

    Contingent Liabilities: Eastern Chemical Co. The following contingent matters involve your client: 1. Eastern's attorneys indicated that they believe it is probable that Eastern will lose an ongoing dispute with the IRS, likely between $900,000 and $1,400,000. After the 2014 financial statements were issued, the case w

    Blanton Dept Store Liabilities: Sales tax reserves current

    Blanton Dept Store Liabilities: Sales taxes, reserves, current vs long term The trial balance indicates: Cash $50,000 Accounts receivable 142,500 Accounts payable 98,500 Prepaid advertising $40,000 Short-term notes payable 250,000 Mortgage note payable 1,000,000 Retained earnings $500,000 Blanton Department Store

    Tax Question - Exclusions

    Of the items specifically excluded from gross income which one do you feel should not be excluded. Defend your response. 1. Donative items Gifts, bequests, and inheritances (102) Life insurance proceeds paid by reason of death (101) Accelerated death benefits (101(g)) Survivor benefits for public safety officer killed in

    Analysis of Inventory Eldermon Sales Company

    Income statements for Eldermon Sales Company follow. Analyze the inventory position at the end of each year as well as the profitability of inventory sales in each year. What conclusions would you make concerning the inventory trend?

    Pension Plan Accounting

    One of your friends just heard a lecture on accounting for defined-benefit pension plans. "I can't believe how complicated that is," she says. "And half of the information used is just a guess. I think we should go back to the cash basis of reporting for these plans. At least it was reliable." Using your knowledge of how the

    Pension Accounting - Gap Inc

    For Gap, Inc., examine and analyze the company's financial statements and pension and other postretirement benefit plans footnote. Based on your analysis, create a report, that includes answer to the following questions: 1 - What is the difference between pension and postretirement benefits? 2 - What type of pension and othe

    Intermediate Financial Accounting III - Book-Tax Differences

    You have just been promoted to assistant controller of Doncast company. One of your responsibilities is to calculate income tax expense and any deferred tax assets or liabilities. The company took a lot of debt five years ago to finance a major expansion, and the recent rise in interest rates, along with a decline in sales, h

    Statement of Cash Flow using Indirect method and Direct method.

    Executive Inc. had the following operating balances for 2015: December 31, 2015 January 1, 2015 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $54,400 $62,800 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,300 29,900 Accounts Re

    Benefits of Advanced Accounting.

    After reflecting on what you have learned and how you have benefited by taking AC450 Advanced Accounting, write a minimum one page response to the questions below. Make sure to address the critical elements so you will be successful in completing this assignment. Please answer the following questions in your paper: 1. Reflect

    Sub-Prime Crisis and Fair-Value Accounting

    Consider the article "Subprime Crisis and Fair-Value Accounting" (Healy, Palepu, & Serafeim, 2009) from the perspective of an accounting regulator (e.g., the FASB). Next, using outside sources that you may seek and your professional experience, develop and write a 3- to 4-page paper concisely answering the following questions:

    Accounting for non-strategic investment

    ***Please refer to the attached file for better formatting.**** Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity and to enhance earnings. Their fiscal year ends on December 31. On October 1, 2011, its investment portfolio consisted of the following securities: Date

    Calculating book value per common share

    Ralph, Inc. had the following capital structure as of December 31, 1991: 8% cumulative preferred stock, par value $100, call value $115; authorized, issued, and outstanding 1,000 shares $100,000 Common Stock, par value $1, authorized 400,000 shares; issued and outstanding 300,000 shares

    Setting up Revenue and Payroll in Excel

    I need some help with budgeting payroll and revenues, with excel examples of how to calculation patient volume revenues and payroll. The case contains 2 physicians, 1 ma, 1 front desk clerk, with x patients per day.

    Legal Practices: Accounting Abuses

    Some practices that are taken for granted as standard practices in some cultures may be viewed negatively in others. Find an example of a business practice that is considered both legal and ethical in a particular country but considered illegal and unethical in the U.S (e.g. bribery, child labor). Describe the business pr

    TLC Inc Patents R&D Expenses & Amortization Expenses for 2012 and 2013

    TLC, Inc. began operations in January 2012. Listed below are some transactions for 2012 and 2013. - During 2012, $125,000 in R&D (expense) expenditures were made to develop a new product that was patented on July 1, 2012. TLC, Inc. believes the patent will provide benefits for 10 years. Legal fees incurred were $24,000 (ca

    Snow Corporation Comparison of Fair Value & Equity Methods

    Comparison of Fair Value and Equity Methods On January 1, 2012, Snow Corporation purchased 20% of the 200,000 outstanding shares of common stock of Garvey Company for $4.00 per share as a long-term investment. The purchase price of the shares was equal to their book value. The following information is available abou

    Calculating depreciation on rental real estate

    Please help me to depreciate a house purchased on March 1, 2005 for $115,000 ($15,000 was for the value of the land). De to the depressed housing market, the value of the house and land had not changed when it was available to rent on September 1, 2007. I need the amount of depreciation for 2012. Please attached any form or wo

    Compute Income Tax Payable using the Tax Formula

    Janice Morgan, age 32, is single and has no dependents. She is a freelance writer. In January 2012, Janice opened her own office located at 22751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Soc

    Dividend Allocation

    Financial Statement Analysis Required: Using the indicated letters, identify the specific effects (including account names and dollar amounts) of the following transactions or conditions on the various financial statement components: I = Increase D = Decrease NE = No effect Transaction Assets Liabilities Equity

    P2-8 Corporate Tax Liability Wendt Corp, P3-6 Du Pont Analysis Gardial & Sons

    Compute the federal tax liability (Wendt Corp) and DuPont Analysis (Gardial & Sons) PART A: 1. What is Wendt Corporation federal income tax liability if they had $10,500,000 in taxable income? 2. If Wendt Corp receives an additional $1,000,000 in taxable interest income, how does the tax liability change? 3. Instead of

    Well-Stated and Clear Career Goals in the Accounting Field

    Q1: Write a well-stated and clear career goal that you have for the next 12-18 months in the accounting field. (A well stated goal is specific, measurable, achievable, and has a deadline) Q2: How will you know if you have achieved this goal or not? Q3: What are 2 different strategies you could follow to achieve this goal?

    Office Building Sale

    Jacob sold at a gain an office building he had owned for 15 years and depreciated using regular MACRS. On which part of Form 4797 is the sale of the building reported and what IRC section determines the type of gain? A. Part II of 1231 B. Part III of 1250 C. Part I of 1231 D. Part III of 1245.

    Lean Accounting: Reasons to Adopt Lean vs. GAAP

    Accounting for Lean is not embraced by GAAP for external reporting. What would the advantages and disadvantages of accounting for lean to be recognized by GAAP What would the advantages of having separate internal and external financial reporting for Accounting for Lean and GAAP.

    Taxation Questions - Minimum NOL Tax

    John and Sally are married and file a joint return for 2012. They have an NOL of $5,000. They carry the NOL back to 2010, a year in which John and Sally filed separate returns. Figured separately, Sally's 2012 deductions were more than her income and John's income was more than his deductions. 1. Which one of the following s