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Question 1: You are working for Mindak LLP, an accounting consulting firm, as a research and accounting specialist. Your client, Clorsol Inc., is a manufacturing company and has asked you to research and explain the U.S. GAAP rules for some accounting transactions. The client wants you to reference and explain the rules in the FASB codification for the topic below:
The company has some significant noncash investing transactions. The company wants to know if they need to make any disclosures on the cash flow statement in regards to these noncash investing transactions. Determine the reference(s) from the codification system that explain the GAAP guidance on this topic.
Which factor would cause an UNFAVORABLE material quantity variance?
The firm is subject to a 24% tax rate, including the cantonal tax rates. Calculate the operating cash flows associated with each equipment
If Amy wishes to buy household goods worth $5000 in May 2020 and pays all her other bills totalling $35,000, Calculate how much can she consume in May 2021?
If he opens the restaurant at t=0 and sell entire ownership of the restaurant to Peter at t=0, with what price can John sell the ownership?
Seles Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is indepen..
The company has an ending balance in its Accounts Receivable amounting to P2,654,000 as of the year ended December 31, 2018.
Non-Interest-Bearing Notes Payable On October 1, 2014, Timur Enterprises borrowed $18,200 from Redhills Savings and Loan by issuing a 12-month note. The bank discounted the note at 9%. Identify and analyze the effect of the issuance of the note. Acti..
Income tax expense is shown as part of operating expenses. Income from operations would increase other income. Gains and losses on the sales of investments are included in nonoperating income (loss).
On January 1, 2012 Buchanan Company issues at par 2-year term bonds with a par value of $100,000 to yield 10%, and bearing interest at an annual rate of 10 percent payable semiannually on July 1 and January 1. FYE is December 31st.
The following facts apply to the pension plan of Boudreau Inc. for the year 2014. Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expe..
Why must costs be allocated? Explain why overhead costs, support department costs, or joint costs must be allocated to products, and give an example of a company that might allocate those costs.
Prepare the general journal entry to record the disposal. Use the following formate for your answer: DR - account name, amount. CR - account name
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