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Grant Film Productions wants to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the store maintain a current ratio of at least 1.50. Business has been good but not great. Expansion costs have brought the current ratio down to 1.40 by December 15. Rita Grant, owner of the business, is considering what might happen if she reports a current ratio of 1.40 to the bank. One course of action for Grant is to record in December $10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed.
Requirements:
Indicate how recording this revenue in December would affect the current ratio.
Discuss whether it is ethical to record the revenue transaction in December.
Identify the accounting principle relevant to this situation.
Give the reasons underlying your conclusion.
BOZ Co. has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory follows: Estimated selling price $508,000 Estimated cost of disposal 20,000 Normal profit margin 60,000 Current replacement cost 45..
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merchandise inventory - multiple choice questions.1.nbspwhen inventory declines in value below original historical cost
What factors are important to the success of Cafe Express? Which of these are controllable by Thomas? Does it matter?
Check by number the accounting assumption, principle, or constraint that explains each situation below. Do not use a number more than once.
Discuss the merits of the actions commenced against Crea by the purchasers of the common stock and by Safe Bank, indicating the likely outcomes and the reasoning behind each outcome.
Using financial ratios, compare the firm's financial performance for 2006 and 2007. - What do you think might have happened from 2006 to 2007?
Felix, a single taxpayer, claimed $180 of state tax as an itemized deduction on his 2013 tax return. The total itemized deductions on his tax return were $6,215. In 2014, he received a $25 refund from the state. What is the amount Felix has to report..
Considering SAS 109 what kind of information should auditor have gathered during the preliminary stage of this audit in order to answer clins questions about the internal control? What sources are available to the auditors to help understand the ..
Explain the Monetary principle.
Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,400 in miscellaneous itemized deductions, excluding investment expenses.
Which of the following statements is the most accurate regarding GAAP requirements for reporting the value of balance sheet accounts on a company’s year-end financial statements?
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