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You are a CPA working for an accounting firm called AccPlus. One of your clients is Cairns Ltd. James Manning is the Managing Director of Cairns Ltd. He often contacts you for accounting issues, which he cannot understand. Currently he has expressed some concerns over a couple of accounting issues as shown in the memo and he is seeking for your professional advice.
Problem 1: Advise whether the constructive liability should arise?
How many shares of Flagler stock have been issued? Sheriff Woody Corporation shows a total of $800,000 in its common stock account.
there are 16 units of the item in thephysical inventoryat december 31. the periodic inventory system is used.jan 1.
Assuming they sell their bond investment for cash what jounal entry will abc inc record on 1/1/12 record the sale? What will the fair value of the bond?
A 42 year elderly person is brought into mishap and crisis by the police in the wake of being captured for drink driving. What are the natural reasons
Baltimore Company issued $200,000 face value,Use this information to determine the dollar value of the interest expense for the 2020 calendar year.
Consider a loan of $225,000 at nominal interest rate of 6.25% for 15 years.- How much of the payment during the first year goes towards interest?
Calculate the value of a bond that matures in 18 years and has a $1,000 par value. The annual coupon interest rate is 9 percent
If the interest rate on this outstanding balance is 3%, how much should Mr. Heffernan pay each month? Mr. Donald Heffernan, a 35 years old account manager
The entity will continue to collect the assigned accounts receivable. Compute the carrying amount of the note payable on December 31, 2020.
Determine the retained earnings balance at December 31, 2019. It was discovered in 2019 that €150,000 of repair expense was debited to the Land account in 2018.
How does the closing process differ for the Partnership? What are the unique financial reporting implications of the Partnership entity in comparison
Which represents the correct amount that must be disclosed as loans to members under non-current assets in the statement of financial position
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