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The president of your firm, Lesky and Lesky, has little background in accounting. Today, he walked into your office and said, "A year ago we bought a piece of land for $100,000. This year, inflation has driven prices up by 6%, and an appraiser just told us we could easily resell the land for $115,000. Yet our balance sheet still shows it at $100,000. It should be valued at $115,000. That's what it's worth. Or, at a minimum, at $106,000." Respond to this statement with specific reference to accounting principles applicable in this situation.
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
Discuss how the company's management team can manipulate its earnings results though the adoption of different accounting methods and the obligation of accounting professionals to be transparent to shareholders.
sardel company reported net income of 29975 for 2010. during all of 2010 the company had 1000 shares of 10 100 par
yellow dot inc. sells a single product for 10. variable costs are 4 per unit and fixed costs total 120000 at a volume
Describe relevant professional standards
Compute earnings per share for 2012, using the weighted-average number of shares determined in part (a).
1.toscano company makes all its sales on account. accounts receivable payment experience is as followspercent paid in
Prepare the closing entry assuming the only transaction during 2012 was the expenditure necessary to complete the bridge. assume fund balance is restricted
compute the activity cost rates for materials handling assembly and design based on these datamaterialscloth
fresh cut corporation purchased all the outstanding common stock of premium meats for 12600000 in cash. the book value
Ken a salaried employee, was terminated from his company in Aprilof this year. Ken refused to return the four extra checks. What actions should the company take?
teness construction negotiates a lump-sum purchase of several assets from a company that is going out of business.the
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