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Problem 1: The Cost Principle, is an important measurement principle which is used in accounting. Describe the cost principle and discuss what happens if an asset like land has an increase in the fair value. How would the company report the land?
Problem 2: Describe the fair value principle and for what types of assets is the fair value principle used. Which measurement principle (cost or fair value) do companies use to record most assets?
Problem 3: Eve Myles Travel Agency purchased land for $90,000 cash on December 1, 2012. On December 31, 2012, the land's value had increased to $95,000. What amount should be reported for land on Eve's balance sheet on December 31, 2012?
Federal Semiconductors issued 13% bonds, dated January 1, with a face amount of $690 million on January 1, 2016. The bonds sold for $644,005,394 and mature on December 31, 2035 (20 years). For bonds of similar risk and maturity the market yield was 1..
Creation Company issued 6,000, What amount should the Share Premium account of Creation Company increase as a result of the issuance of those shares?
The decedent, father of the infant Plaintiff, was killed in a train accident. Testimony showed he was a good and reliable man. Through a representative, the decedent’s surviving child, age five, recovered judgment against the railroad (Defendant). Is..
Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). However, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). To find the future value of an a..
Make the income statement using multi step approach. Post the journal entries to the ledger using under periodic and perpetual inventory system.
What if the way we've always done things is good but ignores some best practises that could lead to even better performance? We are now at a point where we are
Pass the necessary consolidation journal entries and the journal entries to record the non-controlling interest if the non-controlling interest
Would you recommend doing the survey? The company plans to produce a new product, the project requires an Initial Outlay of $ 30 billion
An average accounts payable balance of $18,700. Assuming that all of LilyMac's sales are on credit, what will be the firm's cash cycle
Assuming that all relevant information has been presented, determine the Lucia's cash flows from operating activities
Prepare the journal entry necessary to record the depreciation expense on the building in 2011. Compute depreciation expense on the machinery for 2011.
The company's current rent is $15.00 per square foot per year on a 3,000 square foot space. What would the monthly rental be on April
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