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You are a business consultant providing information and advice to future small business owners. One difficult concept for your clients to understand is the concept of economic substance. Accountants do not base the recognition of revenues and expenses on the income statement on the collection of cash or on the disbursement of cash. Revenues and expenses are recognized when the economic substance of the transaction has taken place. Create a PowerPoint presentation for a seminar aimed at future business owners. Explain the meaning and importance of economic substance and how it relates to the financial statements.
Assume that the company decides to use activity-based costing to apply overhead cost to products. Find the unit product cost of each product.
effect of new year stock dividend on prior year epsfactsfor the year ended 31st december x1 target inc. had net income
An audit is being undertaken for Atlantic Ltd for the year ended 30 June 2013. While assessing the risk of material misstatement you identify that a large number of debtors are exceeding 60 days where credit terms are 30 days.
Compute the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and determine the monthly volume at which the average cost per serving is $1.00.
Purpose a combined cost of goods sold and Income Statement
compute the irr of the trade in deal.your firm uses a manufacturing machine that was purchased 6 years ago. the
How much of the $1,000,000 notes payable should be classified as current in Reeds balance sheet at December, 2007 and Computation of par value of stock after split off
Identify two listed companies: one from Australian Securities Exchange (ASX) and the other from New York Stock Exchange (NYSE); and analyse the accounting policy statement in their annual reports for the reporting year 2012
calculation of adjustment entries.colo companynbspwork sheet for month ended may 31
1. liquidity ratios. edison stagg and thornton have the following financial information at the close of business on
what amount would be shown in the december 31, 2009 financial statement for realized gross profit on 2008 installment sales, and deferred gross profit on 2008 installment sales, respectively?
You purchase 30 bonds with a coupon rate of 5 7/8 and a current market price of 89. The commission charge is $15.00 per bond. The date of the transaction is September 1, and the bond pays interest on January 1 and July 1. Evaluate what is your tot..
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