Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $40,000 for January sales. Its employees also earn January wages of $12,000 that are not paid until the first of February. Complete the following statements for the month-end of January. a. Income Statement b. Sales c. Wage Expense d. Net Income (loss) e. Balance Sheet Cash f. Accounts Receivable g. Total Assets h. Wages Payable i. Retained Earnings j. Total Liabilities & Equity

The simple interest in a loan of $200 at 10 percent interest per year is

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?