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1. what is the difference between the sales journal and the accounts receivable master file? Why are they both important?
2. When is it acceptable to confirm accounts receivable prior to the balance sheet date?
3. Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
A Characteristic of variable cost is: a. Cost per unit changes when the number of units changes. b. Cost per unit stays the same when the number of units changes c. Total variable cost equals fixed costs when the number of units changes d. Total vari..
Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the Statement of Activities would be:
The number of cars arriving at Joe Kelly's oil change and tune-up place during the last 200 hours of operation is observed to be the following: Determine the probability distribution of car arrivals.
What portion of the unrealized intercorporate profit is eliminated in a downstream sale? In an upstream sale? Explain.
The Wei Corporation expects next year's net income to be $15 million. The firm's debt ratio is currently 40 %. Wei has 12 million of profitable investestment opportunites, and it wishes to maintain its existing debt ratio.
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a ..
What would the PMPM cost of the HMO be? What would have to be charged to the patient/employer if the HMO had administrative costs equaling 10 percent of its costs and it wanted a profit margin of 7 percent?
The Malbim Company uses a process costing system and adds materials at the beginning. July 1st has 400 units in the beginning inventory (100% materials). The units in beginning inventory (July 1) are only 75% complete on conversion costs-Calculate..
Identify characteristics that distinguish NFP from business enterprises. Specifically identify, from most important to least important, five accounting issues relevant to NFP financial reporting and explain your rationale by reference to existing ..
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