Part A: Accounting for income tax For journal entries‚ narration is NOT required. The accounting profit before tax of Happy Star Ltd for the year ended 31 December 2012 amounted to $10‚000 after including the following information. The financial year of the company was from 1 January 2012 to 31 December 2012. Equipment: The Company purchased the equipment for the amount of $100‚000 on 1 January 2011. Ending balance of equipment based on accounting as at 31 December 2011 was $100‚000
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7/22/2013 ACCT 90004 Accounting for Decision Making Brad Potter Room 7.064‚ 198 Berkeley Street Tel: 8344 4989 bnpotter@unimelb.edu.au 1 1 7/22/2013 Subject Overview Introduction • This subject provides a broad introduction to the accounting process‚ accounting information systems and the language of accounting. • It is designed to enable you to become an informed preparer and user of accounting information. • Successfully completing this subject will also assist you
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E12-1 (Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Investment in a subsidiary company. 2. Timberland. 3. Cost of engineering activity required to advance the design of a product to the manufacturing stage. 4. Lease prepayment (6 months’ rent paid in advance). 5. Cost of equipment obtained. 6. Cost of searching for applications of new research findings. 7. Costs incurred in the formation
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Ex 9-2 1 D 2 A 3 C 4 D 5 D 6 B 7 B 8 D 9 C 10 A Ex 13-1 1 B 2 D 3 C 4 A 5 C 6 D 7 D 8 B 9 A 10 A 9-10. MODIFIED ACCRUAL/ ADJUSTMENT ACCOUNT AFFECTED ACCRUAL ACCOUNT Debit Credit 1. DEPRECIATION EXPENSE Accrual 674300 BUILDINGS & EQUIPMENT Accural 674300 2. SALARY EXPENSE Accural 39123 SALARIES PAYABLE Accural 39123 3. BUILDINGS & EQUIPMENT Accural 29049 EXPENDITURES Modified 29049 4. BONDS PAYABLE Accural 50000
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Question 1: At any of these dates‚ did Intel have a contingent liability as defined by SFAS #5? June 30: Intel has discovered the flaw No contingent liability‚ no disclosure. According to Intel‚ a series of tests has showed that an error would occur only once every nine billion random calculations‚ or every 27‚000 years for most users. Therefore‚ the chance that customers would encounter errors in calculations on their Pentium-driven PCs is slight and the event that customers would
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Course Project: Financial Statement Analysis of Texas Instruments‚ Inc. Amanda McAdams Week 6 Intermediate Accounting III Professor: James Ridilla Table of Contents Introduction 3 Deferred Taxes 3-5 Retirement plan 5-6 Share-based Compensation 6 Earnings per Share 6-7 Cash Flow Statement 7-8 Overall Analysis 8 Citations 9 Texas Instruments is famous for handheld scientific calculators; yet they
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Part 3 The bankruptcy of Enron not only significantly impact the employment and pension of workers‚ but also the relevant major financial institutions‚ including investment Banks‚ commercial Banks‚ pension funds and mutual funds. On Feb. 14th‚ 2002‚ the international accounting standards foundation chairman and former Federal Reserve chairman Paul pointed out that the obvious problems in accounting and auditing profession has formed a kind of crisis after a long-term period of existence. A typical
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ACCT301 Week 2 Homework 1. In two to three paragraphs‚ describe the Sarbanes-Oxley Act and why it is important to the accounting profession. (15 points) Sarbanes-Oxley Act was created in order to ensure that controls were implemented and monitored by the regulating authority. Congress wanted to make sure that there was a specific standard and guideline for companies to follow in order to prevent fraud at such a large scale. When followed correctly there are controls set in place that are internal
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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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–exam1-01/02/2012 Questions 1 thru 5 are True or False‚ 6 thru 11 are multiple choice 1) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. True. 2) If a taxpayer’s total tax liability is $30‚000‚ taxable income is $100‚000; the average tax rate is 30 percent. True. The average tax = total federal income tax divided by taxable income 3) S Corporations (pass thru entities) result in a single level of taxation. (Are not
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