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What is an example of a gain contingency? What is the accounting treatment for gain contingencies? Please discuss the rationale for this approach.
Cactus Construction sells $1,000,000 of 8% bonds on January 1, 20XX. The bonds are unsecured but registered to the name of the purchaser. The bonds are due in 5 years, with interest payable annually
Our company purchased equipment for $36,000 on January 1, 2013. The equipment is expected to have a 5-year life and a residual value of $3,000. Using the straight-line method, accumulated depreciati
Journalize the entry to record the first semi- annual intrest payment on June 30 and the amortization of the bond discount using the straight line method.
For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $420,000 and (2) net income of $150,000.
Rhino's Landscaping sells a quality brand of hoes, shovels, and rakes in a sales mix of 2:4:2 (25%, 50%, 25%). The company's fixed costs are $61,000. Product data include the following:
A new investor became a member of the LLC and as a result, T's interests were reduced from 10% to 5%. The new investor's contributed capital was used to reduce the mortgage to $2,000,000.
Our company issued callable bonds on January 1, 2013. The price of the bonds was $207,020, and the face value of the bonds is $200.000. Interest is paid semiannually.
The Aliena Corporation buys automotive equipment for $1,800 and sells it for $2,500; the company has the following sales forecast: 100 units for October.
What are the two additional criteria for the lessor in a capital lease? How many of these criteria does the lease need to meet to be a capital lease? What happens if these criteria are not met?
Please explain how the semiannual cash interest payment and the semiannual interest expense are calculated using the effective interest method. Which amount changes with every payment? Which amount
Who in the organization is responsible for the application of a change in an accounting principle? Why?How does a change in accounting principles affect the financial statements?
Determine the balance in accounts payable Spratt will report on the end-of-quarter pro forma balance sheet. (Round your intermediate calculations and final answers to the nearest dollar amount.Omit th
On January 1, 2011, a company issued 1,000,000, of 5 year, 12% bonds at an effective interest rate of 13% , receiving cash of 964,060. Intrest on the bonds is payable semiannually on June 30 and Dec
You are the CFO of a bank which has three options for purchasing a piece of land. First, you can pay $200,000 today. Second, you can pay $24,000.
For each of the followig separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013.
Which of the following activities and Quickbooks window used to record it is incorrect? a) Sell goods and bill customers; Invoice b)Record inventory information; Inventory List c) Record vendo
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accoun
Determine the amount of accounts receivable as of March 31, 2012. (Round your intermediate calculations and final answer to the nearest dollar amount. Omit the "$" sign in your response.)
Assume NGS sold the hydrotherapy tub system for $2,100 at the end of 2016. Prepare the journal entry to account for the disposal of this asset under the three different methods.
Historically, warranty expenditures have been equal to 4% of sales. Total sales for the year were $650,000. Actual warranty repairs made during the year totaled $29,000.
Rankin, the comptroller of Lazy, Inc. has been embezzling funds from his employer for many years, To date, he has taken almost $5,000,000.
Daisy Mae Yockum is very proud of the garden she has created behind her home in Landfill, WV. She and her family consume $600 worth of vegetables.
US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and why it may cause difficulties in analyzing the financial statements. What improveme