Don't use any AI.It's strictly prohibited.Help me asap thanks. A corporation had net income per the books before federal income taxes of $860,000 for the current year. Thefollowing items were included in the determination of net income:Business bad debt expenseNet capital lossLife insurance premiums paid on key employees(corporation was beneficiary and owner of the policies)$38,00045,00020,000The total amount of customer accounts written off during the year was $26,000. What is the taxable income thecorporation will report on Schedule M-17A. $892,000B. $899.000

b. $ 899.000Explanation:Step 1:Prepare a proforma income statement basing on the data…

Answered: A corporation had net income per the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3.
3. Which of the following is not a computer facility control? (a) Place the data processing center where unauthorized individuals cannot gain entry to the facility. (b) Limit access to the data processing center all employees of the company. (c) Buy insurance to protect against loss of equipment in the computer facility. (d) Use advanced technology to identify individuals who are authorized access to the data processing center. 4.For internal control over computer program changes, a policy should be established requiring that: (a) All proposed changes be approved by a responsible individual and logged. (b) The programmer designing the change should be responsible for ensuring that the revised program is adequately tested. (c) All program changes be supervised by the information system control group. (d) To facilitate operational performance, superseded portions of programs should not be deleted from the program run manual. 5. Auditing "around the computer": (a) Assumes that accurate…
1. Having a clean electronic image includes: A. Maintaining a professional voice mail message B. Maintaining a professional e-mail address C. Evaluating your Internet social networking sites D. All of these 2. Personal references should: A. Be included on a résumé and cover letter B. Not be included on a résumé or cover letter C. Only be listed on your résumé D. Only be listed on your cover letter 3. Self-discovery is the process of: A. Identifying your key selling points B. Identifying key skills C. Identifying key interests D. All of these
Which of the following describes preventive controls? (Several choices may be correct.) Expected to be 100% effective. O Easily verified as to whether the control has worked. O Designed to stop misstatement from occurring. O Applied to each transaction prior to entering transactions into the accounting system. Applied to each transaction after transactions have been processed. O Designed to detect fraud or errors that have occurred.
Go to the Loan Calculator The cells in the range B6:B8 have defined names, but one is incomplete and could be confusing. Cell A2 also has a defined name, which is unnecessary for a cell that will not be used in a formula.Update the defined names in the worksheet as follows: a)Delete the Loan_Calculator defined name. b)For cell B8, edit the defined name to use Loan_Amount as the name. 2. In cell B8, calculate the loan amount by entering a formula without using a function that subtracts the Down_Payment from the Price. 3.Liam also wants to use defined names in other calculations to help him interpret the formulas.a) In the range D4:D8, create defined names based on the values in the range C4:C8.
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An online virus-scan service provider, Whispering, is expanding its offerings to include an optimizing service to users-it can scan the consumer's hard drive for duplicate files, suggest more efficient ways to save or archive photos and movies, and much more. The problem is that the company's own cost information has been lost-not due to a virus but due to human error. Charlee, the office manager, is trying to recreate some of the information to use in pricing Whispering's newest optimizing service. Here is what she was able to dig up: Known Information for Virus-ScanService Selling price $30 per scan Gross margin % 50 % Costs of Optimizing Service Labor cost $5 per scan MOH cost (includes software, utilities, etc.) $25 per scan (a) For Whispering's virus-scan service, calculate the current cost-plus markup percentage (based on service cost rather than full cost, since the selling and administrative expense information has been lost). (Round answer to O decimal places, e.g. 15%.)…
I got this question wrong can you help me find the right answer and please explain?
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
Ma1. Please give only typed answer.
Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (i)To facilitate working from home, an employee installed a modem on his office workstation. An attacker successfully penetrated the company’s system by dialing into that modem.
General Controls. Indicate the benefits of each of the following examples of general controls. a. Echo checks are designed and built into the computer by the manufacturer.b. The company schedules regular maintenance on its computer hardware.c. The company involves users in its design of programs and selection of prepackaged software and programs.d. New programs are tested and validated prior to being implemented.e. Documentation is required prior to modifying existing programs using “emergency”change orders.f. The duties of system analysts, programmers, and computer operators are appropriatelyseparated.g. Appropriate backup and data retention policies are implemented.h. The access rights granted to employees are periodically reviewed and evaluated, giving consideration to known changes resulting from promotions and transfers within the company.

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