Exercise 1.2‚ page 33 a. California Public Employees Retirement System would be interested in Boeing’s financial information to make predictions of the future. By examining historical data and the current information they can decide if and how much to invest. b. China Airlines‚ a potential customer would be interested in the financial information to determine the quality of the products and services and to determine if they could meet warranty obligations. c. Henry James‚ a real estate investor
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Economic benefit doctrine – Occurs when one receives a tax benefit from deduction and later receives reimbursement‚ it must be picked up as income (taxable) {Chapter 4} (will be on Homework ES and needs multiple questions) Applies to cash basis taxpayer; Income is taxable to the recipient when it is set aside on his behalf‚ made available to him‚ or is used to satisfy some of his indebtedness . A very narrow exception exists if to take possession of that income would result in undue hardship.
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Jenny Sawh Chapter 13 13-8‚ 13-11‚ 13-19 December 10‚ 2012 DR CR Salaries and Wages Expense $480‚ 000 Withholding Taxes Payable $80‚000 FICA Taxes Payable $28‚040 Union Dues Payable $9‚000 Cash [($480‚000 – $140‚000) X 7.65% = $26‚010] $362‚960 Payroll Tax Expense $29‚440 FICA Taxes Payable $140‚000 X 1.45% = $2‚030; $26‚010 + $2‚030 = $28‚040 $28‚040 FUTA Taxes Payable [($480‚000 – $410‚000) X .8%) $560 SUTA Taxes Payable [$70‚000 X (3.5% – 2.3%)]
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| Question : | (TCO A‚ B‚ C) Which type of corporate information is not available to investors? | | | Student Answer: | | Dividend history | | | | Forecast of cash needs for the upcoming year | | | | Cash provided by investing activities | | | | Beginning cash balance | | Instructor Explanation: | Chapter 1 page 11 | | | | Points Received: | 0 of 3 | | Comments: | | | | 2. | Question : | (TCO C) Issuing shares of stock in exchange for cash
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E 6-5 (Computation of Present Value) Present value of an ordinary annuity = R (PVF -) a) Present value of an ordinary annuity = $30‚000 (PVF -) = $30‚000 (4.96764) = $149‚029.20 b) Present value of an ordinary annuity = $30‚000 (PVF -) = $30‚000 (8.31256) = $249
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A. Sales discount E. FOB shipping point H. Purchase discount B. Credit period F. Gross profit I. Cash discount C. Discount period G. Merchandise inventory J. Trade discount D. FOB destination 1. Goods a company owns and expects to sell to its customers. G 2. Time period that can pass before a customer’s payment is due. B 3. Seller’s description of a cash discount granted to buyers in return for early payment. A 4. Reduction below list or catalog price that is negotiated in setting the
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Question 1 2 out of 2 points | | | The cost concept is the basis for entering the exchange price into the accounting records.Answer | | | | | Selected Answer: | True | | | | | Question 2 2 out of 2 points | | | Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period‚ December 31‚ 2011‚ Great Marks Company has assets of $940‚000 and liabilities of $300‚000. During 2012‚ Allen Marks purchased an additional $65‚000 of capital
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On October 1‚ Keisha King organized Real Answers‚ a new consulting firm; on October 3‚ the owner contributed $84‚000 cash. On October 31‚ the company’s records show the following items and amounts. Cash $ 11‚360 Cash dividends $ 2‚000 Accounts receivable 14‚000 Consulting fees earned 14‚000 Office supplies 3‚250 Rent expense 3‚550 Land 46‚000 Salaries expense 7‚000 Office equipment 18‚000 Telephone expense 760 Accounts payable 8‚500
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ACCT 2332 Managerial Accounting Instructor Dr. Michael Yampuler E-mail: myampuler@uh.edu Office: 380K MH Managerial accounting helps managers make decisions A company manufactures a cell phone. It uses machines‚ engineers‚ utilities‚ supervisors etc. How much is the cost of one phone? How much should we sell it for? A footwear company manufactures dress shoes‚ casual shoes‚ and sandals in the same factory. Sandals do not seem to sell well enough. Is it beneficial to discontinue
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ch5 Key 1. On November 8‚ 2009‚ Power Corp. sold land to Wood Co.‚ its wholly owned subsidiary. The land cost $61‚500 and was sold to Wood for $89‚000. From the perspective of the combination‚ when is the gain on the sale of the land realized? A. Proportionately over a designated period of years B. When Wood Co. sells the land to a third party C. No gain can be recognized D. As Wood uses the land E. When Wood Co. begins using the land productively Difficulty: Easy Hoyle - Chapter 05 #1 2. Edgar
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