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Problem 1: Explain the accounting treatments for research and development expenditure in accordance with IAS 38 Intangible Assets and list the criteria which satisfy the capitalization of development expenditure.
The following account balances can be found in the general ledger of Athletics Supply Cor poration at year-end. Prepare the shareholders' equity section of the balance sheet.
Based on predicted production of 14,000 units, a company anticipates $189,000 of fixed costs and $157,500 of variable costs. The flexible budget amounts of fixed and variable costs for 12,000 units are (Do not round intermediate calculations): $162,0..
Kincaid Ltd. produces and sells leather wallets. In the current year, the company budgeted for the production and sale of 18,000 wallets; however, 21,000 wallets were actually produced and sold. Compute each of the following variances. Indicate wheth..
Assume there is a well-financed, one-year-old company in the biotech industry that is concentrating on developing chemical-based compounds that are aimed at developing drugs to reduce the effects or onset of Alzheimer ’s disease. What financial infor..
On January 1, 2017, Ivanhoe Corporation sold a building that cost $258,210 and that had accumulated depreciation of $105,500 on the date of sale. Ivanhoe received as consideration a $248,210 non-interest-bearing note due on January 1, 2020.
A company reported Salaries and Wages Payable of $775 at the beginning of the year and $2,550 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $56,700. How much cash was paid for salaries and wages duri..
Fargo Voice of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events.
At December 31, 2014 Pine Company had 200,000 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 2014 or 2015. On February 10, 2..
Your client is offered a job which will last one year (ASSUME HE IS A PROFESSIONAL FOOTBALL PLAYER, AND VERY HIGHLY PAID), and is given two options for getting paid. What are the tax implications of the alternatives? What is your recommendation?
the allowance for doubtful accounts was a debit of $100,000. If 2% of the accounts receivable are expected to be uncollectible, what is credit balance in the allowance account after the year-end adjustment
Apple Corp sold 80,000 units providing a profit of $60,000. The unit margin of safety for the period was 40,000 units. If the company increases its ad expenses next period by $20,000, its sales will increase to 100,000 units. What will be the new net..
Prepare a statement of cash flows for year ended December 31, 2014. Use the indirect method for cash flows from operating activities and how can users of financial statements utilize statement of cash flows in making informed decisions?
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