What are examples of irregular items
1. What are examples of irregular items?
2. How does a change in accounting principles affect the financial statements?
3. Who in the organization is responsible for the application of a change in an accounting principle? Why?
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For each of the followig separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013.
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 $24,000.
On January 1, 2011, a company issued 1,000,000, of 5 year, 12% bonds at an effective interest rate of 13% , receiving cash of 964,060. Intrest on the bonds is payable semiannually on June 30 and December 31.
Determine the balance in accounts payable Spratt will report on the end-of-quarter pro forma balance sheet. (Round your intermediate calculations and final answers to the nearest dollar amount.Omit the "$" sign in your response.)
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?
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 stays constant?
In your interpretation, how has the U.S. Supreme Court dealt with this issue? Explain. In your own words, how does a federal republic function? Does the majority rule? Explain in detail.
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?
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.
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