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An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:
A) Credit another asset account for $1,500.
B) Credit another liability account for $1,500.
C) Debit another asset account for $1,500.
D) Credit the owner's capital account for $1,500.
Gordon Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $80,000. The deposits are made at the end of each year into an account paying 5% annual interest.
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
Assume that a certain nursing home has two categories of payers. Medicaid pays $65.00 per day and private pay patients pay the established per diem, but approximately 10 percent of private-pay charges are not collected.
In your role as the financial manager, you routinely review your firm's financial statements and financial ratios to evaluate the financial health of your company.
Please provide an explanation of the strengths and weaknesses of the internal controls related to the payroll cycle.
An imaging center has the following information: Compute the total dollar contribution margin dollars and percentage.
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
Explain the concept of “business ethics”. Critically discuss the term “complex ethical dilemma”. Reviewing the real life situations mentioned in the document Complete Guide to Ethics Management:
Calculate the ratios for 2014 as Gross Profit Margin B. Profit Margin, Return on Assets and Current Ratio - calculate the effect of each of the adjustments on the profit figure of $63,500 as shown in Michael's draft accounts.
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
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