Create a diagram comparing accrual and cash accounting. Also include a 350- to 700-word summary of the differentiation and uses of the two.
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Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:
| Actual Results | |
| Direct Materials Used | $5,600,000.00 |
| Direct Labor |
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2011. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system.
Required:
Santorini Corporation has experienced a number
Santorini Corporation has experienced a number of out-of-stock situations with respect to its finished-goods inventories. Inventory at the end of May, for example, was only 50 units—an all-time low.
Management desires to implement a policy whereby finished-goods inventory is 70% of the following month's sales. Budgeted sales for June, July, and August are expected to be 5,000 units, 5,600 units, and 5,500 units, respectively.
Required:
Determine the number of units that Santorini must produce in June and July.
BBY is a calendar year
BBY is a calendar year accrual method corporation with a marginal and effective tax rate of 34%. It had $5,000,000 of financial income before making the following cash payments on December 31,2011: $4,000 paid to a consultant for work to be performed in January 2012. $600,000 for equipment delivered on December 1, 2011. The equipment has a useful life of 10 years for financial accounting and 7 years for tax accounting. this was the only asset purchased in 2011. (MACRS mid-quarter percentage is 3.57. the Sec.179 deduction was not taken) $17,000 for property tax for the first six months of 2012. $84,000 for a two-year office lease beginning December 1,20111. $230,000 for inventory purchases. $100,000 was on-hand at 12/31/11 for each of these expenditures: how are these expenditures reported for financial and taxable income? what is the financial tax expense? what is tax liability? what is the journal entry to record the tax accrual?
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