Maria Marrocchi Chapter 14 Questions 1. The advantages of a partnership is the fact that you are only taxed once and it is easy to create. However there is unlimited liability incurred by each general partner that normally restricts the growth potential of most partnerships. 2. Partnership accounting differs from corporate accounting in the sense that there are various capital accounts with the partners. They is usually a different way to handle each capital account based on the contract
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UNIT 1 INDIVIDUAL PROJECT [pic] ACCOUNTING 205 PROFESSOR KARINA KASZTELNIK March 26, 2012 When you hear the word accounting what comes to your mind? Is it a scene of an old woman sitting at a desk with a spreadsheet and a calculator? Or is it depicted in your mind as something a CPA is certified to do? Let’s conquer your confusion about accounting and bring to surface the importance of the subject matter. Accounting is described as “a
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Chapter 1: Introduction to Managerial Accounting 1. Identify managers’ four primary responsibilities * Planning involves setting goals and objectives for the company and determining how to achieve them. * Directing means overseeing the company’s day-to-day operations. Management uses product cost reports, product sales information, and other managerial accounting reports to run daily business operations. * Controlling means evaluating the results of business operations against
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Chapter 16 Week 6 Homework E16-1 1. Cash ($10,000,000 X .99) 9,900,000 Discount on Bonds Payable 100,000 Bonds Payable 10,000,000 Unamortized Bond Issue Costs 70,000 Cash 70,000 2. Cash ($10,000,000 X .98) 9,800,000 Discount on Bonds Payable 600,000 Bonds Payable 10,000,000 Paid-in Capital – Stock Warrants (100,000 X $4) 400,000 3. Debt Conversion Expense 75,000 Bonds Payable 10,000,000 Discount
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Edgar question Edgar Aerospace (EAI), a privately-owned manufacturer of aircraft components, has expanded rapidly over the last five years. Its wholly-owned subsidiary, PL Components Inc. (PL), has just received a government contract to manufacture certain electrical components. PL has experienced significant growth over the last two years and accounts for approximately 45% of EAI's consolidated inventories and sales. PL is located in Mexico, where labour is considerably cheaper than in Canada
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LJB Company’s Table of contents: Introduction………………………………………………………………………………3 New Internal Control Requirements……………………………………………………4 Positives & Negatives…………………………………………………………………….4 Recommendation on Ink Machine………………………………………………………5 Summery & Conclusion.………………………………………………………………….5 Work Cited………………………………………………………………………………..6 Introduction The purpose of this report is to show the importance of internal controls for LJB Company if it’s decided that the company will go public
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Khalia Brewer Accct 555 Week 7 Homework 20-17 A.(2)- have a paymaster who has no other payroll responsibility distribute the payroll checks. B.(3)- Employees might be paid for hours they did not work. C.(3)- authorization of transactions from the custody of related assets. 20-20 |TYPE OF TEST |TRANSACTION-RELATED AUDIT OBJECTIVE(S) | |1. Substantive test of |To determine if monthly payroll costs
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ACCT553 Week 7 Homework – Tanushant Sharma _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapters 10-11-12 1. Please explain the distinction between a "realized" gain and a "recognized" gain. (5 pts) Difference between: Recognized Gain: Profit from sale of asset, which is reported for income tax purpose. It is the difference between basis of asset and the sale price
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ACCT553 Week 1 Homework _______________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 1 (5 pts) 1. Briefly discuss the purpose of the Sixteenth Amendment. The 16th amendment states that congress has the power to indirectly or directly tax income from any source derived. The purpose of the sixteenth amendment is to allow the government to create income taxes. The 16th amendment was
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Acct 220 Principles of Accounting I Final Examination Click below link for Answer http://workbank247.com/q/acct220-principles-of-accounting-i-final-examinati/12453 http://workbank247.com/q/acct220-principles-of-accounting-i-final-examinati/12453 University of Maryland University College Final Examination Acct220: Principles of Accounting I For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required
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