Explain financial statements based on gaap
Financial statements are based on generally accepted accounting principles (GAAP) and audited by CPA firm, so do investors need to worry about the validity of those statements? Please Explain your answer.
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Guy's Co. manufactures a product that sells for $12 per unit. Total fixed costs are $96,000 and variable costs are $7 per unit. Guy can buy a newer production machine that will increase total fixed costs by $22,800, but variable costs will be decr
Palmer Corporation issued and has outstanding 20000 shares of $10 par-value common stock and 1000 shares of $60 par-value 20 percent preferred stock. THe board of directors votes to distribute $2000 as dividentds in 2010, $3000 in 2011 and $53000
At the beginning of 2011, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building.
In a typical month, the Bungee Jump Corporation receives 100 checks totaling $90,000. These are delayed six days on average. What is the average daily float?
Financial statements are based on generally accepted accounting principles (GAAP) and audited by CPA firm, so do investors need to worry about the validity of those statements?
A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record the issuance of the note and (b) the payment of the note at maturity, including
The Graham Corporation has annual sales of $90 million. The average collection period is 70 days. What is Graham's average investment in accounts receivable as shown on the balance sheet?
At the beginning of 2011, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2011 and 2012 was calculated using the straight-line method.
Four acres of the farm are condemned by the state to widen the highway and Betty receives $50,000. The land was inherited from her mother 15 years ago when its FMV was $15,000. Her mother purchased the land for $10,300. Betty does not plan to purc
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