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Questions and Answers of Accounting

Multinational transfer pricing causes serious concern for various corporate stakeholders. Identify potential concerns from the viewpoint ofa. Minority owners of a foreign affiliate,b. Foreign taxing
The pricing of intracompany transfers is complicated by many economic, environmental, and organizational considerations. Identify six major considerations described in the chapter and briefly explain
Identify the major bases for pricing intercompany transfers. Comment briefly on their relative merits. Which measurement method is best from the viewpoint of the multinational executive?
Explain the arm’s-length price. Is the U.S. Internal Revenue Service alone in mandating such pricing of intracompany transfers? Would the concept of an arm’s-length price resolve the measurement
What is an advance pricing agreement (APA)? What are the advantages and disadvantages of entering into an APA?
A Chinese manufacturing subsidiary produces items sold in Australia. The items cost the equivalent of $7.00 to produce and are sold to customers for $9.50. A Cayman Islands subsidiary buys the items
Kowloon Trading Company, a wholly owned subsidiary incorporated in Hong Kong, imports macadamia nuts from its parent company in Honolulu for export to various duty-free shops in the Far East. During
A jewelry manufacturer domiciled in Amsterdam purchases gold from a precious metals dealer in Belgium for €2,400. The manufacturer fabricates the raw material into an item of jewelry and wholesales
Sweden has a classical system of taxation. Calculate the total taxes that would be paid by a company headquartered in Stockholm that earns 1,500,000 Swedish krona (SEK) and distributes 50 percent of
Alubar, a U.S. multinational, receives royalties from Country A, foreign-branch earnings from Country B, and dividends equal to 50 percent of net income from subsidiaries in Countries C and D. There
Global Enterprises has a manufacturing affiliate in Country A that incurs costs of $600,000 for goods that it sells to its sales affiliate in Country B. The sales affiliate resells these goods to
Using the facts stated in Exercise 6, what would be the tax effects of the transfer pricing action if corporate income tax rates were 30 percent in Country A and 40 percent in Country B?
Drawing on the background facts in Exercises 6 and 7, assume that the manufacturing cost per unit, based on operations at full capacity of 10,000 units, is $60, and that the uncontrolled selling
Lumet Corporation, a manufacturer of cellular telephones, wishes to invoice a sales affiliate located in Fontainebleau for an order of 10,000 units. Wanting to minimize its exchange risk, it invoices
The partial income statement of the Lund Manufacturing Company, a Swedish-based concern producing pharmaceutical products, is presented below: During the year, short-term interest rates in Sweden
1. Why should wealthy nations be concerned about seeing that poor ones collect their “fair share” of taxes?2. Do you agree that accountants and accounting firms share the blame for perpetuating
1. What issues does this case raise?2. What courses of action would you recommend to resolve the issues you have identified?MINI CASE Muscle Max–Asia, a wholly owned affiliate of a French
Sean is 42 years old. His employer provides him with $300,000 of group term life insurance as a fringe benefit. The policy costs his employer $40 per month. For tax
Explain and justify the difference between the treatment of estimated uncollectible taxes in fund accounting and the treatment of estimated bad debts in commercial accounting.
Matthew Company reported #350,000 in income before income tax for financial reporting book purposes in year 3 its first year of operation the tax depreciation exceeded its book depreciation by
How are capital gains rates modified for low income taxpayers?
What special benefits are afforded to losses from “Presidentially declared disasters” (as compared to normal casualty losses?)
Prepare a graph showing how the value of a single lump-sum $10000 investment in 2001 would have grown by 12/31/11, rate is 11.32%.
On January 1, 2010, $1,000,000, 10-year, 10% bonds, were issued for $970,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize discount on
The exercise price for a put option on ExtremeExitement! Stock is $50 per share; the current premium for the put is $2.15. Draw a graph of the put option payoff to both the buyer and seller at
Finally, determine the net operating profit or loss for the business. Provide detailed assumptions to support each line item in your Proforma P&L Statement?
What do expect to learn in this Financial Accounting class that you can use in your personal life?
Why must todays managers understand and utilize various motivational strategies?
The trial balance of the Estate of Tom Beresford at April 17, 200X is as followsDebit (Credit)Principal cash ............$20,750GM Stock ................$50,000GMAC Bonds
Here are the balance sheets as given in the problem: Cumberland Industries December 31 Balance Sheets (in thousands of dollars)a. The company's 2007 sales were $455,150,000, and EBITDA was 15 percent
Purchased a patent for $42,000 to protect a previous patent owned that has seven years of legal life left and a book value of 17,000. The new patent will protect the value of the old one only for a 4
For the following case, compute the missing values.Case AUnit sales ............800Sales revenue ...........$40,000Variable cost per unit ........$35Total Contribution Margin?
During 2010 Sedgewick Inc. had sales on account of $132,000, cash sales of $54,000, and collections on account of $84,000. In addition, they collected $1,450 which had been written off as
Howard and Beatrice plan to marry either immediately before or immediately after year-end. Howard's taxable income for 2011 is $89,000 and Beatrice's is $85,000 before their exemptions and
Rocky has a full-time job as an electrical engineer for the city utility. In his spare time, Rocky repairs TV sets in the basement of his personal residence. Most of his business comes from friends
The following transactions, adjusting entries, and closing entries were completed by D. Hurd Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
The Orthopedic Sports Clinic has the opportunity to purchase a large amount of supplies at a reduced price of $1,200.The payment terms will be that payment is due in full on the 15th of the month. A
Explain the relationship among savings, investment, and net capital outflow.
Describe the economic logic behind the theory of purchasing-power parity (PPP). What factors might prevent PPP from holding true?
John Piderit, the general manager of the Western Tool Company, is considering introducing some new tools to the companys product line. The top management of the firm has identified three types of
Douglas Company has a $51,000 note that carries an annual interest rate of 10%. If the amount of the total interest on the note is equal to $2,125, then what is the duration of the note in months?
In 1991, Barbara purchased a single life annuity for $250,000 that would pay her $25,000 per year for life beginning in 2002. Barbara's life expectancy from 2002 forward on which the
Last national bank offers a CD paying 7% interest (compounded annually). If you invest $1,000 how much will you have at the end of year 5.a. $712.99b. $1,402.55c. $1,350.00d. $1,000
You want to buy your dream car, but you are $5,000 short. If you could invest your entire savings of $2,350 at an annual interest of 12%, how long would you have to wait until you have accumulated
A record collector has agreed to sell her entire collection to a historical museum in four years at a price of $110,000. The current risk-free rate is 6.5 percent. At what price should she value her
Aaa-rated municipal bonds are carrying a market yield today of 5.25 percent, while Aaa-rated corporate bonds have current market yields of 11.50 percent. What is the break-even tax rate that would
Consider a project of the Cornell Haul Moving Company, the timing and size of the incremental after-tax cash flows (for an all-equity firm) are shown below in millions:The firm's tax rate is 34%; the
A firm arranges a discount loan at a 15 percent interest rate, and borrows $200,000 for one year. The stated interest rate is ________ and the effective interest rate is ________. What would be the
A loan that compounds interest monthly has an EAR of 15.40 percent. What is the APR?
Suppose the required reserve ratio for the banking system is 25%. Answer the following questions based on the balance sheet of Lafayette Bank:Lafayette BankAssets LiabilitiesCash in the vault
Advance inc is trying to determine its cost of debt. The firm has a debt issue outstanding with 12 years to maturity that is quoted at 105% of face value. The issue makes semi-annual payments and has
Valdes Enterprises is considering issuing a 10-year convertible bond that would be priced at its $1,000 par value. The bonds would have an 8.00% annual coupon, and each bond could be converted into
William co. reported $550,000 in financial book income before taxes for year 3 tax depreciation for the year exceeded book depreciation by $50,000 the tax rate for year 3 was 30% and congress enacted
Goodwin Enterprises had a gross profit of $2,500,000 for the year. Operating expenses and interest expense incurred in that same year were $595,000 and $362,000, respectively. Goodwin had 200,000
Cal Count pays a weekly payroll of $85,000 that includes federal taxes withheld of $12,700, FICA taxes withheld of $7,890, and 401(k) withholdings of $9,000. What is the effect of assets and
The ledgers of MidCity Galleries Inc. contain the following balances as of December 31, 2006.Advertising expense ........... $ 123,000Commission expense on art sales ..... 1,200,000Depreciation
Income statement little books Inc. recently reported $3million of net income. Its EBIT was $6 million, and its tax was 40 percent. What was its interest expense? Write out the headings for an income
At December 31, 2011, ABC Corporation had the following stock outstanding.8% cumulative preferred stock, $100 par .. 107,500 sharesCommon stock, $5 par, 4,000,000 shares .... 20,000,000During 2012,
Poulsen Industries is analyzing an average-risk project and the following data have been developed. Unit sales will be constant but the sales price should increase with inflation. Fixed costs will
Enter the following column headings across the top of a sheet of paper:Transaction/ Current Current Long-Term Net Adjustment Assets Liabilities Debt Income Enter the transaction/adjustment letter in
During 2005, Plano co. purchased 2,000, $1,000, 9% bonds. The carrying value of the bonds at December 31, 2007 was $1,960,000. The bonds mature on March 1, 2012, and pay interest on March 1 and
Distinguish between a fixed order quantity and fixed order interval system. Which one generally requires more safety stock? Why?
Contingent liabilities present certain problems and opportunities for companies. You have been asked to help prepare the company’s annual report and a lawsuit has been brought against the company
Laramie Corporation’s income statement is presented below:Sales ........ $40,000Less variable costs .. -28,000Contribution margin . $12,000Less fixed costs ..... -8,000Net Income ..... $ 4,000What
In the Industrial Supply Company example (Table 4.4) it was assumed that the company's fixed assets were being used at nearly full capacity and that net fixed assets would have to increase
Jell and dell was partners with capital balances of $600 and $800 and an income sharing ratio of 2:3. They admitted zell to a 30% interest in the partnership and the total amount of good will
Describe at least four major limitations of financial statement information.
Classify each of the following as a (CA) current Asset, (NA) noncurrent asset, (CL) current liability, (NL) noncurrent liability or (E) equity account. Choose the best or most frequently used
Egret Corporation, a calendar year C Corp, was formed June 1, 2011, and opened for business on September 1, 2011.After its formation, but prior to opening for business, Egret incurred the following
Brittle Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the third quarter of the current year:Beginning Raw Materials = $94,000Ending Raw
Peter Bubba is driving home from a bar when he runs off the road and hits a telephone pole. These are the losses he suffers: $4,500 to repair the damage to his car; $2,500 damage to the telephone
Does leverage and liquidity rise and fall together?
Anders, Inc., has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in
To address the problem of a recession, the Federal Reserve Bank most likely would take which of the following actions?A: Lower the discount rate it charges to banks for loans.B: Sell US government
Oscar's outfitter has provided you with a list of their balance sheet accounts in alphabetical order related to December 31, 2011.Accounts Receivable ......... $28,600Accounts Payable ............
How much financial risk are you willing to take? By that I simply mean would you risk money on something with a potential high return when it also meant you might lose all the investment?
Select a major industrial or commercial company based in the United States, and listed on one of the major stock exchanges in the United States. Each student should select a different company. Avoid
Tammy organized Sweet Corporation in January of the current year and the Corporation immediately elected to be an S Corporation. Tammy who contributed 40,000 in cash to start the business owns 100
If a company is authorized to issue $1,800,000 in bonds on June 1 that carry a face value interest rate of 9 percent to be paid on June 1 and December 1. How can i figure out what the bonds are if
How do we ensure that reports to external users fairly present business activities?Full and fair reporting involves reliable financial statements that accurately report a company’s business
Other than business managers, who relies on financial reports to make decisions?
Compliance with regulations is costly. Why are public companies required to comply with GAAP?
Why does the FASB issue a discussion memorandum prior to releasing an exposure draft of a new pronouncement?
The SEC is authorized by law to establish and enforce accounting standards in the United States. Why are most accounting standards used by businesses issued by the FASB?
What are the elements of financial statements, according to the FASB’s conceptual framework? Where would an investor find these elements?
One of the major components of the FASB conceptual framework is the objectives of financial reporting. What are the objectives of financial reporting?
A friend has been reviewing the annual report of a firm in which he has invested. He says, “I’m worried because the auditors gave an unqualified opinion on the financial statements. You’d think
What is the purpose of notes to financial statements? If a firm does a good job presenting its financial statements, why are notes necessary?
What is an audit and why is it important?
Why is it necessary for managers and other decision makers to understand how accounting information is developed and reported? Shouldn’t it just be management’s job to manage and the
What are the two primary purposes of internal controls?
Explain why internal controls are important to a computerized management information system and identify several such controls that are commonly used.
Why is management philosophy an important internal control issue?
Identify some human resource controls that can be used in a company and explain why they are important.
Identify some physical controls that can be used in a company and explain why they are important.
Three major developments in the history of accounting involved the development of the New York Stock Exchange, the 16th Amendment to the U.S. Constitution, and the events subsequent to the stock
Identify the major reporting requirements associated with each of the following:a. Securities Act of 1933b. Securities and Exchange Act of 1934c. 10-K reportd. 10-Q report
Identify each of the following:a. The private sector organization currently responsible for setting financial accounting standards in the United States.b. The private sector organization currently
How would you react to the following statement? “Accounting standards impose costs on corporations and their managers to protect the interests of investors.”
What is meant by the term “generally accepted accounting principles?” What is the significance of the phrase “generally accepted?”

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