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As the book-keeper for your company you are required to create quarterly financial statements (Income Statement, Statement of Owner's Equity Balance Sheet and Statement of Cash Flows) in order to report on the financial activities of the company for the quarter (three months). It is now March 29th, and in preparation for creating the 1st quarter's financial statements ( as of 3/31), you have called a meeting with the Dept. Managers for Accounts Receivable and Accounts Payable to confirm deadlines that have to be met. As the meeting is about to start the owner walks in - she sits quietly as you explain the deadlines, but as soon as you have finished she says "Well, for this quarter, there is no need to record transactions for invoices that we have not paid by March 31. We can enter/expense those invoices when we pay them in April." We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Is the owner correct or do you feel that one of these types of adjusting entries is necessary in this situation? If so, name the type of adjusting entry that is needed.
Why is this type of adjustment necessary? (Refer to concepts in the chapter) Discuss the status of the accounts affected if the adjustment is not made (understated or overstated), and explain the impact of the adjustment on the financial statements
Provide an example of the type of adjusting entry you think is needed; include the debit and credit, with dates and amounts.
pebco companys 2011 master budget included the following fixed budget report. it is based on an expected production and
northstate college has a telephone system that is in poor condition. the system can be either overhauled or replaced
What are the tax consequences to each of the parties as a result of the formation of the partnership, the sale of the property, and the liquidation of the partnership?
Suppose you are a CPA, and you have a corporate client that has been operating for several years. The company is considering expansion through reorganizations.
What is fraud and how does it occur? Within your discussion, incorporate the fraud triangle. There are three elements to the fraud triangle
a) Explain why the chi-square goodness-of-fit test is not an appropriate way to find out. b) What might you do instead of weighing the nuts in or- der to use a x2 test?
Dr. Doe (Doe) is a well-respected scientist who has just won the Nobel Prize in medicine for his work in developing a highly effective drug to prevent the common cold.
If Mee-3 were to spend an additional $1.5 million on advertising and/or sales and distribution (i.e., on top of the fixed costs specified in #1), how many additional units would it have to sell to break even?
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each.
Prepare a depreciation schedule assuming actual mileage was: 2010, 26,000; 2011, 32,000; 2012, 25,000; and 2013, 17,000.
Management has studied the problem and it appears that beginning inventories may be the cause of the unmatched information. The reason for this is that the inventories have a different financial base because of the severe inflation.
1.Watney Inc. purchased $10,000 of 6% Hamel bonds at par on July 1, 2013. The bonds pay interest semiannually.
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