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1. Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material.
(a) Marcus Co. has reported a positive trend in earnings over the last 3 years. In the current year, it reduces its bad debt allowance to ensure another positive earnings year. The impact of this adjustment is equal to 3% of net income.
(b) Sosa Co. has an extraordinary gain of $3.1 million on the sale of plant assets and a $3.3 million loss on the sale of investments. It decides to net the gain and loss because the net effect is considered immaterial. Sosa Co.'s income for the current year was $10 million.
(c) Seliz Co. expenses all capital equipment under $25,000 on the basis that it is immaterial. The company has followed this practice for a number of years.
Analysis of county revenues shows that approximately 50 percent are from the sales tax. The year end fund balance is entirely classified as Unassigned.
Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles. If a balance sheet were prepared for Brentwood Bike Co. on May 31, 2016, what amount should be reported as cash?
stewie loaned a friend 12500 to buy some stock 3 years ago. in the current year the debt became worthless. a. how much
What are some of the key differences between government healthcare accounting and commercial accounting? Please cite some examples.
on november 1 fab salad dressings creates a petty cash fund with an imprest balance of 400. during november sunny lewis
What are the ways to value inventory?
facts for questions 2 and 3. mr. grey died on january 1 2012. mr. grey made no gifts during his life. under his will
What is the current financial reporting requirement for charity care? Do you agree or disagree with the current financial reporting requirement?
at the time of his death in january 2013 dick owned real estate in the name of dick and his sister ellen as joint
Create 5- or 6-slide Microsoft PowerPoint presentation with speaker notes illustrating your findings to Case, Charitable Contributions and Debt.
Write the memo. Include descriptions of any journal entries related to the change in amounts. Briefly describe other steps Curbo should take to report the settlement.
which of these are considered manufacturing overhead?service department costs direct labor wages direct labor fringe
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