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A loss contingency that is remote and cannot be reasonably estimated:
A) may be disclosed in a note to the financial statements.
B) must be disclosed in a note to the financial statements.
C) must be reported in the body of the financial statements.
D) is permitted to be reported in the body of the financial statements.
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $475,000 for May. Cost of goods sold is expected to be 60% of sales.
A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be
A cash basis calendar year C corporation in Athens, Georgia, had $100,000 of accounts receivable on the date of its conversion to an S corporation on February 14. By the end of the year, $60,000 of these receivables had been collected. Calculate a..
A competitive environment means that organizations will be:
West County Bank agrees to lend Drake Builders Company $100,000 on January 1. Drake Builders Company signs a $100,000, 6%, 6-month note. What is the adjusting entry required if Drake Builders Company prepares financial statements on March 30?
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Janet (taxpayer) residing in Australia is named as the sole beneficiary of a property (1.85 hectares) with a large homestead as a result of the death of a relative on 7/10/2009.
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.
In the current year, Donna gives $50,000 cash and $30,000 of stock to Mike. She also gives $40,000 of tax-exempt bonds to Angela. Her husband, Andy, gives $200,000 of land to Angela. Assume the couple elects gift splitting for the current year.
Circle Corporation makes a product that sells for $400 per unit. The variable costs to make this product are $220 per unit. Fixed costs total $750,000 for the year. Circle currently sells 5,000 units each year.
Give the eliminating entries needed at December 31, 2008, to prepare consolidated financial statements.
Since the Sarbanes-Oxley Act of 2002, fraud from lack of internal controls has gone down. At the same time, collusion between employees and among third parties has increased.
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