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External link to ACC 303/503 Homework #2 (R) OL Boca Inc.
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ACC 303/503 Homework #2 (R) OL Boca Inc.

ACC 303/503Homework #2 (R) OLBoca Inc.Balance SheetsDecember 31Assets20202019Cash60,80048,40012, 400Accounts Receivable97,80038,00059, (302)Inventory102,850112,5009, 650Prepaid Expenses28,40025,00031 400Long-term Investments138,000109,00029, 008Plant Assets347,000242,500104, 500Accumulated depreciation(50,000)(52,000)21 0250Total724,850523,400Liabilities and Stockholders’ EquityAccounts Payable77,30072,0005, 302Accrued Expenses Payable21,00012,50081 502Dividends Payable3,0003, 020Bonds Payable170,000146,00024, 000Common Stock262,000175,00087,007Retained Earnings191,550117,900731650Total724,850523,400Additional Information:1. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 weresold for $1,500 cash.2. A new plant asset was purchased directly in exchange for common stock […]

External link to Mary Beth is a CPA, Devoting 3000 hours per year to her practice. She also owns an office building in which she rents out space to tenants.
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Mary Beth is a CPA, Devoting 3000 hours per year to her practice. She also owns an office building in which she rents out space to tenants.

Mary Beth is a CPA, Devoting 3000 hours per year to her practice. She also owns an office building in which she rents out space to tenants. She devotes none of her time to the management of the office building. She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the […]

External link to Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is…
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Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is…

Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is unsafe to keep that much cash. Joe stops at the Local National Bank the following day, opens a checking account, and deposits the $20,000.Assume that all banks in the banking system have a 10% reserve requirement. […]

External link to Everett Company chartered a ship for two years and agreed to make monthly payments of $25,000 to Michaels, the owner of the ship.
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Everett Company chartered a ship for two years and agreed to make monthly payments of $25,000 to Michaels, the owner of the ship.

Everett Company chartered a ship for two years and agreed to make monthly payments of $25,000 to Michaels, the owner of the ship. Every month Everett wired a telex message to his bank to transfer the monthly payment to Michaels. One month, the bank failed to act on Everett’s instruction and did not transfer payment. Under the charter contract, Michaels could cancel the contract if […]

External link to Prepare the 2011 fiduciary income tax return (Form 1041) for the Blue Trust.
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Prepare the 2011 fiduciary income tax return (Form 1041) for the Blue Trust.

Prepare the 2011 fiduciary income tax return (Form 1041) for the Blue Trust. In addition, determine the amount and character of the income and expense items that each benefici- ary must report for 2011 and prepare a Schedule K–1 for Betty Blue. Omit all alternative minimum tax computations. The 2011 activities of the trust include the following. Dividend income, all U.S. stocks $50,000 Taxable interest […]

External link to How do I prepare the C Corporation tax return for the question C:3-66?
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How do I prepare the C Corporation tax return for the question C:3-66?

How do I prepare the C Corporation tax return for the question C:3-66? I need to prepare a Form 1120, Form 1125-A, Form 1125-E, Schedule D (Form 1120), Form 4562 and Form 4797. And this is an additional informations that go with the question.Melodic Musical Sales, Inc. XX-2014012 2012 Form 1120 Current year depreciation on property placed in service before 2012: Building ($1,400,000 x 0.02564) […]

External link to 2. This chapter discusses how an understanding of adverse selection and moral hazard can help us better understand financial crises. The greatest
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2. This chapter discusses how an understanding of adverse selection and moral hazard can help us better understand financial crises. The greatest

2. This chapter discusses how an understanding of adverse selection and moral hazard can help us better understand financial crises. The greatest financial crisis faced by the United States was the Great Depression, from 1929 to 1933. Go to http://www.amatecon.com/greatdepression.html. This site contains a brief discussion of the factors that led to the Great Depression. Write a one-page summary explaining how adverse selection and moral […]

External link to Please answer the following: The term for the ongoing process by the FASB of the U.
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Please answer the following: The term for the ongoing process by the FASB of the U.

Please answer the following:1. ​The term for the ongoing process by the FASB of the U.S. and the international IASB to revise their respective accounting pronouncements in anticipation of the planned adoption by the U.S. of International Financial Reporting Standards (“IFRS”) is:A)  comparabilityB)  reliabilityC)  matchingD)  convergence 2. ​The Emerging Issues Task Force (“EITF”) was formed from the FASB primarily to:A) deal with current issues quickly.B) deal […]

External link to On December 31, 2018, Rhone-Metro Industries leased equipment to Western Soya Co.
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On December 31, 2018, Rhone-Metro Industries leased equipment to Western Soya Co.

On December 31, 2018, Rhone-Metro Industries leased equipment to Western Soya Co. for a four-year period ending December 31, 2022, at which time possession of the leased asset will revert back to Rhone-Metro. The equipment cost Rhone-Metro $402,611 and has an expected useful life of six years. Its normal sales price is $402,611. The lessee-guaranteed residual value at December 31, 2022, is $20,000. Equal payments […]

External link to The Company is Sony Corp. I. This discussion question has two parts. Find the Accounts Receivable (may also be called Trade Receivables) for your
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The Company is Sony Corp. I. This discussion question has two parts. Find the Accounts Receivable (may also be called Trade Receivables) for your

How much is the “gross amount”? If this information is not shown on the Balance Sheet, you should be able to find it in the notes that follow the financial statements. Do you think the Allowance for Uncollectible Accounts is a reasonable estimate of the uncollectible accounts? Why? II.  Read the posts of your classmates on their selected companies and reply to at least two […]

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