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Early in January 2011, the internal auditors for Arkansas Inc. discovered these errors and omissions in their review of the 2010 financial records. Arkansas Inc. has not yet closed its books for 2010.
1. A $1,600 sale made to Ed's Automotive in December, 2010 was incorrectly charged to the account of Ed's Upholstery.
2. A $21,000 premium for a one-year fire and extended coverage insurance policy covering the policy period May 1, 2010 to April 30, 2011, was initially recorded as expense and has not been adjusted.
3. The December 31, 2009, balance of accounts receivable was materially overstated by $18,000 as a result of an error.
On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value. Compute the revised annual depreciation.
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. Prepare journal entries to record the last of the following events:
Provide a sector/industry analysis and narrative to start a health food cafe that serves whole food and organic food. Please also include sources.
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10% above the planned level, and I will receive a bonus of $10,000.
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
Prepare all journal entries to record the preceding information. How the accounts related to BBB's factoring and assignment agreements be reported on BBB's year end financial statements
Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Provide a rationale with your response.
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
In 2010, a compact disc cost $14. If the price of CDs continues to increase at an annual compound rate of 4 percent, how much will a disc cost in 10 years? 25 years? 50 years?
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