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1. During 2016, the company received $850 cash advance from a customer for merchandise to be manufactured and shipped in 2017. The $850 was credited to sales revenue. No entry was recorded for the cost of merchandise. (looking for sales revenue overstated)
2. Hales borrowed $25,000 from a local bank on October 1, 2016. Principal and interest at 12% will be paid on September 30, 2017. No accrual was recorded for interest. (looking for interest expense understated)
Discuss the potential drawbacks associated with variance analysis. How are managerial accountants and managers able to overcome these challenges? What considerations need to be taken into account when interpreting variances?
Compute the acid-test ratio for the Heely Equipment Sales for 2015 and 2014. Compare the ratio for the two years.
On December 31, 2010, Krypton reported a net income of $735,000 for the year. National Star uses the equity method in accounting for its investment in Krypton Labs.
Our book distribution division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged 20%. We record revenue based on revenue recognition when the right of return exists.
Alice Rathermel audited LoHo Company's inventory using sampling. She examined 120 items from an inventory compilation list and discovered net overstatement.
elite company is planning to add a new product to its line. to manufacture this product the company needs to buy a new
Buy direct from the manufacturer. Any time intermediaries get involved, you'll pay a higher price
The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported
Prepare a calculation of John's property income for Taxation Year 2016. Comment on the income tax implications of itemsnot included in your calculations
Complete the following table for the three categories of marketable investment securities:
PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years:
the balance sheet of marilyn and monroe was as follows immediately prior to the partnerships being liquidated cash
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