For whom should financial statement be understandable

Reference no: EM13120736

1. A truck with a cost of $25,000 and accumulated depreciation of $ 5,000 is sold for $ 17,000 Record the journal entry

2. During 2012 Daveo sells inventory costing $200,000 to BUA301co for 400,000 on credit. Daveo is concerned about collectability of the receivable so accounts for the transaction under the installment Sales method. Before the end of the year BUA301co pays $ 100,000 of the receivable in cash. Record all the entries necessary for this transaction during 2012.

3.Conceptual Framework
A) For whom should financial statement be " understandable"

B) In 2 sentences or fewer, define the going concern assumption

C) As of December 18, 2012, Apple's Market Cap was about $491B. Its Net Book Value was about $118M. Provide, in bullet point format, 3legitmate reasons for this difference.

Reference no: EM13120736

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For whom should financial statement be understandable : During 2012 Daveo sells inventory costing $200,000 to BUA301co for 400,000 on credit. Daveo is concerned about collectability of the receivable so accounts for the transaction under the installment Sales method. Before the end of the year BUA301co..

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