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A small equipment company is preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, the company received a shipment of inventory but has not paid for it. The invoice indicates that the company owes $5,000 for the purchase. The owner, Randy Ray, has decided to omit this asset and the related liability from the year-end balance sheet, reasoning that it is okay because he is omitting both of them, which means there is no difference in owners’ equity. For this assignment you are to address the following: What is your opinion of Randy’s reasoning? (1 paragraph)
Explain the circumstances under which Randy’s decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable. (3 to 4 paragraphs).
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
the rental cost for a large bus is800 and 600 for the small bus compute how many buses of each type should be used for the trip for the least possible cost
The income to be recognized each year is based on the proportion of cost incured to the total estimated costs for completing the contract. Find out the estimated income on the construction contract.
Mueller can buy a newer production machine that will increase fixed costs by $8,000 per year, but will decrease variable costs by $0.40 per unit. What effect would purchase of the new machine have on Mueller's break-even point in units?
What profit margin would Burger need in order to get the promised ROE, holding everything else constant?
Examine the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they give relevant and reliable information to investors.
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Illustrate what amount should be reported as Unamortized Bond Issue Costs?
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Evaluate the maximum purchase price per unit that Redi-Watt should be willing to pay to the outside contractor? Should the proposal be accepted for a price of $4,250 per unit to the contractor?
Write down clearly and concisely about business law and tax using proper writing mechanics
Cash Flow Classifications:For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
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