Answer:
l
Explanation:
the core concept of marketing is a social and managerial process by which individuals and groups obtained what they need and want through creating,offering and exchangeing products of value with others
Answer: periodic inventory system
Explanation:
The type of inventory system used by Badger Enterprises is the periodic inventory system. The periodic inventory system is an inventory whereby updates are usually done on periodic basis.
In the periodic inventory system, physical count of inventory is done at specific intervals. This is the method used by the company in the question.
Answer:
a. Does this qualify as a good Section 351 transaction?
Answer: No. This is because service is not a qualified property contribution under the section 321. Moreover, fair value of stock received by Chrissie is just 75% of 100%.
b. What gain does Chrissie Recognize?
Answer: The Gain Chrissie recognizes = FMV of stock received - Adjusted basis of transferred property = $750,000 - $500,000 = $250,000.
c. What gain does Mirinda recognize?
Answer: The Gain Mirinda recognizes is $0 or Mirinda will recognizes compensation worth which will be taxed as an ordinary Income ($250,000).
Answer:
this case tells us about some sort of pressures that accounts feel when financial statements are needed urgently
Explanation:
1) As for using low estimates, this step was wrong on her part. she should have been upfront in her estimates. for the items that she could not estimate there should have been an indication that such items were still under review, instead of doing what she did to give the financial estimate a good look. Using guesses or deliberately using low estimates was a bad idea, GAAP would never condone that.
She should have met with the president and let him know that finalization of the financial statements would not possible within the time frame that he has given. She could have also explain that such delays are normal and she would have given estimates of when the draft internal copy would be made available to him. such steps she took could have resulted in serious consequences for the company
2) I would not inflate or deflate the figures on purpose to make financial statements look better. If it is time to present the draft and final year-end financial statements I will have to tell the truth on the numbers and estimations used and also the reasons for that. i would have explained the constraints that i was facing. if i was still being pressurized by the president, i would have no choice than to call it quits instead of going against the ethics of my profession, since there are both ethical and legal implications to not giving inaccurate financial statements.
