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This is an advanced accounting discussion prompt. I don't want a fancy answer I just want an answer that hits the main points WITHOUT making me look to smart. Here is the prompt 1. Question and prompt 2.
Prompt 1:
A fundamental constraint used in reporting accounting information is conservatism, generally speaking, when a choice is to be made the option that is least likely to overstate assets is the preferred option. Why then do we eliminate losses on intercompany transactions as well as the gains?
Prompt 2.
In the intercompany transfer of depreciable assets, it is likely that the acquiring company may be making different use of the asset than did the seller. As such, the salvage value and/or the expected useful life of the asset may be changed. Is it appropriate for the acquirer to make these changes and re-determine depreciation? What impact does this have on the consolidation process?
How much income must Sue report if she elects the annuity? C) How much income wouls Sue have to report if her nursing home bills amounted to only $36,000 per year?
national investor group is opening an office in portland. fixed monthly costs are office rent 8500 depreciation on
On the last day of October, Lake Company borrows $ 60,000 on a bank note for 60 days at 12 percent interest. Interest is not included in the face amount. Prepare the following journal entries: (1) October 31, recording of note; (2) November 30, accru..
referring to walmarts 2012 annual reporta. what is the functional currency of their foreign subsidiaries?b. on average
Prepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2010, using the indirect method for operating cash flows.
Complete a writing activity based on the following situation: Two brothers and a friend are in the process of starting an information technology services company. Each of the prospective partners has relevant experience and knowledge. The compa..
How many sease tickets did the Panthers sell and how many home games had the Panthers played by the end of October?
Why is one product line preferred over the other, even though they both have the same total net cash flows through eight periods?
hris’ expected pre-tax bonus is $20,000. Chris earns a base salary of $30,000. Chris files as a single taxpayer with no itemized deductions. (Use the 2014 standard deduction and one personal exemption to figure his taxable income and the 2014 single ..
Shin Company has a loan agreement that provides it with cash today, and the company must pay $25,000 4 years from today. Shin agrees to a 6% interest rate. The present value factor for 4 periods, 6% is 0.7921. What is the amount of cash that Shin..
Evaluate sales price per dozen pretzels using 120% markup on variable cost and evaluate contribution margin per dozen pretzels and the breakeven point for the quarter (three months) in dollars and units
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income ..
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