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Assume that you have a binomial experiment with p=0.5 and asample size of 100. The expected value of this distribution is:
A. 0.50
B. 0.30
C. 100
D. 50
(c) Prepare the journal entry on Mann's books to record the settlement of his debt. (d) Prepare the journal entry on Doran's books to record the settlement of the receivable.
In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.
The journal entry to record the adjusting entry required on December 31, the end of the current year, to record the current month's accrued vacation pay is
A. What is bad debt expense for 2011? B. Determine the amount of accounts receivable writted off during 2011. C. If the company uses the direct write-off method, what would bad debt expense be for 2011?
At December 31, 2010 and 2009, Glass Corp, had 120,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2010 or 2009. Net i..
In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive losses, $80,000 of active business income, and $20,000 of portfolio income. How much of the passive loss may Cr..
Write a report on Internal Controls
Design a proposal for the appropriate controls to cover accounts receivable. The proposal must be based on the Apollo Shoes case. Your reading of the Apollo Shoes case should include board minutes and auditor messages and notes.
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
What do following risk categories mean - planned detection risk, inherent risk, control risk, acceptable audit risk? Examples? How do we as auditors deal with them?
The total assets of Yap Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Yap Co.'s owner's equity?
inventories $4200,000 total $14000,000 current ratio 2.25 acid-test ratio 1.2 debt to equity ratio 1.8
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