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Question - The famous singer Rihanna is going on a tour. She plans to perform at a concert on Sept 30th. Her agent is handling her financial transactions and recorded $400,000 cash that was received in June, as revenue. This cash is related to the September 30th ticket sales. As of July 1, Rihanna's accountant noticed that the financial statements reflect all of the revenue from the June ticket sales, a concert yet to be held. The accountant has these questions for the manager:
Which accounting method was used? Explain why you believe this method was used.
Did the agent correctly record the transaction under GAAP? Why or why not?
Explain which GAAP principle applies to this scenario.
Determine the effect on net income and earnings per share for these two methods of financing
The township authorized a bond issue of $11 million for the construction of a pedestrian walkway as part of a downtown revitalization project. An additional $1 million of general revenues is to be used for the project. The authorization was record..
The ability to develop and use good management accounting is actually an important ability for many individuals, including finance professionals, operational and marketing managers, top-level executives, and information technologists.
The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid in cash. How much are the budgeted cash disbursements for December?
If the cost per equivalent unit for the period is $3.70 for material and $1.20 for labor and overhead, what is the balance of the ending work in process inventory account?
Summarize the results of your 100,000 trials of ten flips each in a barplot. Convert the results to probabilities and represent that in a barplot as well. Write a brief interpretive analysis that describes what each of these barplots signifies and..
on july 1 2008 hurtig inc. invested730530 in a mine estimated to have 835550 tons of ore of uniform grade. during the
Describe the concepts and principles of accounting Entity Concept, The Reliability Principle, The Going Concern Principle with detail
In 2013, Merrill's net income was $630,000.
Prepare the appropriate journal entry to record Ameen's 2011 income taxes. Assume an income tax rate of 40%.
a 25-room budget motel expects its occupancy next year to be 80 percent. the owners investment is 402800. they want an
Prepare the General Journal entries (without explanation) for the August 26, 2016 event. If no entry is required then write "No Entry Required."
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