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State and explain ONE main accounting principle, rule, assumption or any other concept from the conceptual framework of accounting that would be used by an accountant to solve the following problems.
i) The credit department of ABC Ltd believes that there is a 50:50 chance of one of its customers fleeing to USA for political reasons before he settles his bill for services provided to him within the last 3 months.
questionlee financial services pays employees monthly. payroll information is given below for january 2013 the first
Smithson Products sells shoes and accessories to retail stores. Gross sales in 2013 were $1,407,250 (Smithson's list price) on terms 2/10, n/30. Customers paid for $925,500 (Smithson's list price) of the merchandise within the discount period and the..
Show that Faubert's new system engages all the components of internal control by matching each of the steps with the internal control components that follow.
Water ways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain which will require special-order sprinkler heads to meet the..
A tract of land was acquired for $200,000 as a potential future building site from Flopper Corp. A plant facility consisting of land and building was acquired from Slick Company in exchange for 20,000 shares of Flopper's common stock. Prepare the Gen..
Find what is the journal entry to record the issuance of bonds on 1 st January, 2010?
Senior, Ltd., acquires all of the stock of JuniorCo for $30 million at the beginning of year 1. The group immediately elects to file income tax returns on a consolidated basis. Senior’s operations generate a $50 million profit every year. In year 2, ..
1. liquidity ratios. edison stagg and thornton have the following financial information at the close of business on
Olmsted Company has the following items: common stock, $900,000; treasury stock, $105,000; deferred taxes, $125,000 and retained earnings, $454,000. What total amount should Olmsted Company report as stockholders' equity?
How much will be in the account when the individual retires at the age of 65 if the contributions start when the person is 45 years old?
Preparation of Bad debt Account and their Adjustment - What's the total f account in bad debts expense and What's the amount of the adjuster
Prepare journal entries to record the transactions. Prepare a year-end statement of revenues, expenses,and changes in net position.
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