Chapter 7 intermediate 1 points Save Remington Corporation had accounts receivable of $100‚000 at 1/1. The only transactions affecting accounts receivable were sales of $600‚000 and cash collections of $550‚000. The accounts receivable turnover is A. 4.0. B. 4.8. C. 4.4. D. 6.0. 1 points Save The percentage-of-receivables approach of estimating uncollectible accounts emphasizes matching over valuation of accounts receivable. True False 1 points
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Chapter 7 Commerce and Culture Different areas and environments such as highlands‚ steppes‚ farmlands‚ islands‚ mainlands‚ valleys‚ mountains‚ deserts‚ and forests all generate different products Some societies were able to form monopolies on a certain good like silk in China This uneven distribution of goods and resources are what drives trade In the period of 500 to 1500 long distance trade became more important than ever before in linking and shaping distant societies and people Trade was
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Prentice Hall’s Federal Taxation 2013 Corporations‚ 26e (Pope) Chapter C11 S Corporations 1) The S corporation rules were enacted to allow small corporations to enjoy the nontax advantages of the corporate form of business without being subject to the tax disadvantage of double taxation. Answer: TRUE Page Ref.: C:11-2 Objective: 1 2) Up to six generations of a family are considered as one shareholder for purposes of the 100-shareholder limit. Answer: TRUE Page Ref.: C:11-4 Objective: 2
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Commissioner vs. Pineda‚ 21 SCRA 105 When Atanasio Pineda died‚ his estate was divided among his wife and their 15 children. The eldest among the 15 children‚ Atty. Manuel Pineda had a share of P2‚500 but the BIR found out that the income tax return of the estate for the years 1945‚ 1946‚ 1947 and 1948 was not filed‚ so the collector of Internal Revenue issued an assessment and charged the full amount to the inheritance. The issue here is‚ can the Bureau of Internal Revenue collect the full amount
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Chapter 12 Taxation and Income Distribution I. Impact of taxes on income distribution hard to determine because of tax incidence II. Tax Incidence a. Who actually pays a tax b. Legal Incidence – who is legally responsible for paying a tax c. Economic Incidence – who actually pays the tax d. Example – tax of $1 is placed on $10 item how is income distribution affected i. Price stays at $10 – income of seller reduced
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Franchesca Fomby ACC555 Week 3 Homework Chapter 5 5-11Why did the Supreme Court rule in the Corn Products case that a gain due to the sale of futures contracts is ordinary income instead of capital gains? The Supreme Court felt that the purchase and sale of futures contracts represented an integral part of the business and its purpose is to protect the company’s operations. Therefore the gain on the sale is ordinary income‚ because it is done in the ordinary course of business. 5-49 Capital
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Business system anaylsis Problems and Exercises Week 7 Homework Tom Sanders DeVry University Professor Girten October 14‚ 2014 Problems and Exercises Appendix A Question 1 - The use-case diagram shown in Figure A-1 F captures the Student billing function but does not contain any function for accepting tuition payment from students. Revise the diagram to capture this functionality. Also‚ express some common behavior among two use cases in the revised diagram by using include relationships. The
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HMGT 3311 HW #2 Q 2.1: A: From a financial perspective‚ briefly describe the concept of a business. A business is considered to be an entity and its legal form does not matter. It involves obtaining financing or capital. Where then using the financing funds to buy land‚ buildings‚ etc. and having them as assets. Those assets are then used to create goods and services. After‚ those goods or services are sold to create revenue. B: What is the difference between a business
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America chapter 7 guide Chapter Objectives – As you read the chapter‚ you should be able to… 1. Explain the deeply rooted historical factors that moved America toward independence from Britain. 2. Describe the theory & practice of mercantilism & explain why Americans resented it. 3. Describe the goals of the King‚ Prime Minister‚ & Parliament. 4. Explain why Great Britain attempted tighter control & taxation of Americans after 1763. 5. Describe the methods of colonial
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Assisnment PrintView Page of 12 I C*N‚WL awar0: 4 t . 10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110‚ $14‚322. $21‚000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts
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