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MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the previous one is returned. No matter how many DVDs a customer uses (up to three), the fee is fixed at $20 per month. Customers sign a contract for a year, so MoviesPlus recognizes sales revenue of $240 each time a customer signs up for the service. The owner of MoviesPlus, Bob Colbert, has heard about GAAP, but he does not see any reason to follow these accounting principles. Although MoviesPlus is not publicly traded, Bob does put the company's financial statements on the company's Web page for customers to see. Explain how MoviesPlus would account for its revenue if it did follow GAAP. Explain to Bob Colbert why he should use GAAP, and describe why his financial statements may now be misleading. Do you see this as an ethical issue? Explain.
Assume that the equipment purchased on October 1 has no trade-in value and an expected life of 5 years. Prepare an Income Statement for the month of October
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
Dan Webster will invest $10,000 today in a fund that earns 5% annual interest. How many years will it take for the fund to grow to $13,400?
on january 1 2015 marshall company acquired 100 percent of the outstanding common stock of tucker company. to acquire
Why may the financial information in an unadjusted trial balance not be up-to-date and complete?
Equipment acquired on January 6, 2013, at a cost of $513,540, has an estimated useful life of 20 years and an estimated residual value of $67,940.
select an organization that started as a brick-and-mortar business and is now engaged in e-business such as toys r us
Calculate the dividends received deductions for each independent investment scenario assuming:
The accounts in the ledger of Mickeys Park Co. are listed in alphabetical order. All accounts have normal balances. Prepare a trial balance and calculate The total of the debits.
ice cream trucks unlimited ictu started off from gregpearces summer job driving ice cream bikes. he enjoyedthe
assume that on february 1 2005 austin company issues at 109 plus accrued interest 10-year bonds with a face value of
a cylindrical-shaped tin can is to have a capcity of 1000cm. find the dimensions of the can that require the minimum
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