- Bill owns 55% of the outstanding stock of Gates Corporation. During 2015, Gates sold a machine to Bill for $40,000. The machine had an adjusted tax basis of $46,000, and had been owned by Gates Corporation for three years. Determine the taxable gain or loss that Gates Corporation can claim on its 2015 income tax return.
- For a single product manufacturing company, all overhead must be assigned to one product. Since this is the case, why would such a firm not simply assign actual overhead cost to production as it is incurred throughout the year?
- Discuss how the IMA’s Code of Ethics affects the ethical behavior of accountants.Give a specific example that you may encounter as an accounting manager and how you would handle that situation based on the Code to support your answer?
- Gathering data effectively is essential for the analysis of information in a forensic accounting engagement. As a forensic accountant, what determines the types of data that you will analyze? How can you be sure that you have sufficient, relevant, and reliable data?
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