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Accounting Discussion
Raffie's Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie's bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie's pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise the on how Raffie's Kids should report the mortgage on its balance sheet. What is the ethical issue? Provide your recommendation and discuss the reason for your recommendation.
Instructions: Your initial response should be no less than 250 words.
vidovich corp. produces and sells renewable energy equipment. to finance its operations vidovich corp. issued 1249000
Aiko, Lani, and Charlie own the 3-Star Partnership, sharing profits and losses 20:50:30. During the current year, 3-Star has total gross income of $500,000 and total allowable deductions of $300,000. How should each of the following taxpayers acco..
If the amount awarded each year is $15,000, determine the rate of return earned on the fund.
Hogan’s Department Store uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Date Number of Units Unit Price May 7 60 $11 July 28 32 17 On June 1, Hogan sold 30 units, and on August 27, 32 more units.
1.On January 1, 2013, Madison Products issued $40 million of 6%, 10 year convertible bonds at a net price of $40.8 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount).
if a company chooses the lifo method of inventory valuation which inventory will appear as ending inventory on the
utumn cove inc. has 2010 in the december 1 balance of the accounts receivable account consisting of 880 from the
sleek ride a company providing limo services has a december 31 year-end date. for sleek ride the following transactions
1.Calculate the current ratio in each of the following separate cases (round the ratio to two decimals). Identify the company case with the strongest liquidity position.
Review the specialty system demos on the Waiting Room Solutions page. Identify three changes that were made in the specialty system from the general system. Why do you think these changes were made?
When can information about two operating segments be aggregated? How is accounting for pensions different than accounting for other post-retirement benefits?
Under the cash basis of income determination, how much should Dart report as Revenue for 2008?
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