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Problem 1: In a typical contract, are there many obligations that are not central or ongoing obligations?
Problem 2: At a catering company, what types of inventory flows are used for physical and accounting flows, and why? Common choices for physical flows are FIFO (first-in first-out) and specific identification. Common choices for accounting flows are average cost, FIFO, specific identification and (less often) LIFO (last-in-first out). If different choices are made for different products, or different choices for physical and accounting flows, explain why.
Problem 3: What challenges might the catering company face in taking inventory at the end of the year?
Problem 4: Do you think a catering company uses a perpetual or periodic inventory system, and why? If perpetual systems for some inventory and periodic for others, why do you think this may be?
Problem 5: How might an organization like this use inventory to manage earnings or other measures?
Assume also that the carrying value of the bonds at the redemption date is $101,607. Prepare the entry to record the redemption of the bonds
For this assignment the requirement is to create a document for financial management and accounting that uses generic data and examples that defines and analyzes the following terms, concepts, and principles in a business.
gain of loss on sale of the 20 interest balance in purples investment.the balance of purple companys investment in
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Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31.
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A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7.
When a company uses the equity method to record its proportionate share of the income and dividends of a company in which it has invested, what are the cash flow effects?
Describe Microsoft's overall reporting strategy. Why had the company adopted this strategy and why was the SEC concerned about it?
On January 1, 2014, Benjamin Industries leased equipment on an eight-year term at $15,000 annual rental payments, paid in advance. There is a bargain purchase option on December 31, 2021 (end of lease), of $24,000. The economic life of the equipment ..
If bonds are issued at a premium, the stated interest rate is? Higher than the market rate of interest. / Lower than the market rate of interest
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