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1. FASB statement 116 requires contributions to be recorded as revenue when the contribution is promised.
2. After the issuing of Statement 117, not-for-profit financial statements are relatively standardized across industries.
3. FASB statement 124 requires that investments in equity securities with readily determinable values be reported at fair market value.
4. The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants.
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below: Prepare the company's selling and administrative expense budget for the upcoming fiscal year.
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is EM's break-even sales volume? $660,000 $1,540,000 $1,600,000 $2,020,000.
Your colleague is infatuated with a woman whom you know to be promiscuous. Since this colleague is also a close friend, you are concerned about his/her welfare.
Prepare the journal entries necessary to record the transactions above using the appropriate dates. Prepare the adjusting entries necessary at Dec. 31, 2007 in order to properly report interest expense related to the above transactions. Assume stra..
General Products Company bought Special Products Division in 2010 and appropriately recorded 500,000 of goodwill related to the purchase.
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
If current market rates rise what will happen to the value of outstanding bonds?
Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.
Determine how the costs in (a) and (b) should be presented on Erin's financial statements as of December 31, 2008. Also determine the amount of amortization of intangible assets that Erin should record in 2008 and 2009.
Role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet and how is cash-basis accounting different from accrual-basis accounting
Research a large multinational company in which you might like to invest. Then estimate the most significant risk factors associated with investing in company you selected when compared with investing in the domestic company.
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