Discuss why it is necessary for accountants to assume
Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?
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Guenther Firmin, both of whom are CPA's, form a partnership, with Guenther investing $100,000 and Firmin, $80,000. They agree to share net income as follows:
Container Shipping, Inc. is contemplating the use of process costing to track the cost of its operations. The operation consists of three segments: receiving, shipping, and delivery.
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E-Z Manufacturing Company is a partnership is a partnership among Yolando Gonzales, Willie Todd, and Linda Yeager. The partnership contract states that partnership profits will be split equally among the three partners.
Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $37,500. In addition, Jose incurred the following expenses before using the van:
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Wenig Inc. has some material that originally cost $73,500. The material has a scrap value of $45,600 as is, but if reworked at a cost of $6,600, it could be sold for $58,100.
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