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Question 1. River Rocks, Inc. is a private company with a calendar year-end that was formed in 2015. The company must determine when and how it should adopt the revised revenue standard.
- In what period should River Rocks have first applied ASC 606-10?
- How should the standard be initially applied (prospectively, retrospectively)? Explain (and cite the authority).
Question 2. An employer offers each of its 50 employees 20 vacation days per year. As of January 31, no employees have taken a vacation; however, each employee has earned 1.5 days. Vacation days that are unused at the end of the year may be carried forward to the following year. The employer encourages employees to use their full vacation allotment and thus does not anticipate forfeitures. Must the employer record a liability for the employees' vacation days earned on the January 31 financial statements? Be sure to cite the authority for your conclusion.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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