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Point 1: Seaver Books, a small book publishing company, wrote off the debt of The Learning Center, and the Academy of Basic Education, both small private schools, after it determined that the schools were facing serious financial difficulty. No notice of the action was sent to the schools; Seaver Books simply stopped sending bills. Nearly a year later, The Learning Center was given a large endowment and a government grant. The resulting publicity brought the school to the attention of Seaver Books, which immediately reinstated the account, and sent a new bill to the school, including interest for the entire time the debt was outstanding. No further action was taken regarding the Academy of Basic Education, which was still operational.
Question 1: Did Seaver Books act ethically in reinstating the debt of one client, and not the other? Explain.
Explain why the time value analysis and the cash flow statements is so important to healthcare financial management?
Prepare journal entries for the following: Nov. 1, 2009 Purchased machinery for 93,600 with a 7,200 residual value and a six year life by paying 14,400 down and the balance with a note payable (ignore interest). Dec. 31, 2009 Record the adjusting ent..
Our company's defined benefit pension plan had a PBO of $530,000 on January 1, 2013. During 2013, pension benefits paid were $80,000. The discount rate for the plan for this year was 10%. Service cost for 2013 was $160,000. Plan assets (fair value) i..
What are benefits over other methods of accounting for Rhode Island using the modified accrual method? Why does Rhode Island use a modified accrual method? underIFRS, what must firms use when estimating the amount of a loss contingency in a range of ..
Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. Assume an interest rate of 8% properly reflects the time value of money in this s..
Josie’s Grill budgeted the following costs for a month in which 1,500 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinne..
Prepare the journal entries to record related amortization , The issuance of the bond. The accrual of interest and the related amortization on December 31, 2019
The unadjusted trial balance of Blanton Department Store at December 31, 2017 is below. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any necessary adjusting journal entries at December 31. Ensu..
Determining these calculations, the project is accepted or rejected, and the rationale is explained for the decision.
The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period totaled $43,560. Provide the journal entry for the ..
An audit is being undertaken for Atlantic Ltd for the year ended 30 June 2013. While assessing the risk of material misstatement you identify that a large number of debtors are exceeding 60 days where credit terms are 30 days.
On July 1, 2016 Alpha Company sells $1,000,000 face value of 10% five year bonds which call for semiannual interest payments. The bonds are dated April 1, 2016 so these bonds are issued between interest dates. The market rate at the date of issue is ..
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