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You are a recently-hired accountant at Greenwood Company, a small corporation that does a seasonal business of selling snow removal equipment, with most of its sales to retailers occurring in the last two quarters of the calendar year. Production is particularly heavy during the second quarter, in preparation for these sales. In the process of preparing Greenwood Company’s 2015’s first quarter interim report, you noticed and inquired about an account titled Miscellaneous Factory Assets for $140,000. The controller asked you to include it in long-term assets although that was the amount spent on repairs and maintenance during the first quarter. The controller didn’t want to show a loss, which is what would happen if the $140,000 were expensed in quarter 1. Instead, Greenwood would book the expense in the quarter it will have the least effect on net income. The controller argued that it makes no difference, since the company’s total yearly income is the same regardless of the quarter repairs and maintenance expense is reported. Respond to the controller’s explanation from financial reporting and ethical perspectives.
Hugo did not sell the bonds by the end of the year. Must Hugo identify any gross income with respect to the bonds?
After the 2012 financial statements were issued, the case was settled with the IRS for $1,200,000. Illustrate what amount, if any, should be reported as a liability for this contingency as of December 31, 2012?
Prepare the incentive compensation plan
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Calculate (a)the additional expenditure the company can afford for advertising and (b)the new break-even point in units and in dollars, using the $6 selling price and the additional advertising outlay from part (a).
Evaluate its cost of common equity and What is the WACC - Cost of common equity and WACC
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Prepare journal entries to record the transactions and prepare adjusting entries on October 31 to record accrued interest.
Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter.
1.nbspgains differ from revenues because gainsa. are not a result of the entitys ongoing central operationsb. do not
Erroneously recorded and accounts payable and Prepare bank reconciliation as of 31 Oct from
Suppose that joint -product costs are allocated using the net realizable value method, what were the net costs of product Y?
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