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Question 1:
The owner of a business reviews the income statement prepared by you and asks, "Why do you report a profit of only $30,000 when cash collections of $100,000 were received and cash payments for the period totalled only $50,000 for expenses?" How would you respond to the owner's question?
Question 2
On 31 March, Padbury Publishers received a subscription of $240 for the supply of twelve monthly magazines, beginning in April. At the end of the reporting period, 30 June, the accountant suggested that the owner make an adjusting entry to defer the revenue on nine issues until the next financial year. The owner of the business was reluctant to do so, claiming that he had already received the subscriptions in cash and could see no reason for the delay in recognising the revenue. Do you agree with the owner or the accountant? Respond to the owner, explaining the accountant's position. Ignore GST.
Review debt activity for a few days before and after year-end to determine whether transactions are included in the proper period. Determine due dates on notes and bonds for proper classification between current and long term debt.
If Cartel Company expects next year’s total sales could increase 12%, they want to know how this change affects their profit. Calculate next year’s net income in dollar, using DOL, and show DOL.
1. if a corporation purchases a lot and building and subsequently tears down the building and uses the property as a
Its comparative balance sheets reveal a $42,400 increase in accounts receivable, $21,730 increase in accounts payable, $11,660 decrease in prepaid expenses, and $16,430 decrease in wages payable. Prepare only the operating section of the statemen..
A gold mine can be purchased for $100 million. Determine the ROR if this investment for the following cases. The estimated useful life of the mine is 10 years.
questionabsorption and variable costing with high-low cost estimation and cvp analysis including taxespresented are the
Journal entries for legal expenses incurred in contesting the insurance settlement
Explain the difference in operating income for January and February and March under variable costing and absorption costing
From the provided of list of 10 examples, review and compare Café Market Budgets and their cost of capital (I am to find or recommend usable sites?
If this division is eliminated, the fixed expenses will be allocated to the company's other divisions. What is the incremental effect on net income if the division is dropped?
Wofford Company had net sales of $150,000 in its first year and $187,500 in its second year. Compute the amount of change in terms of both dollars and percentage.
Perform horizontal financial analysis
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