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Estates and trusts have accounting issues that are often outside the realm of GAAP. For instance, the fair division of income may be more important to the stakeholders in an estate distribution than accrual basis financial statements. Please explain some of the issues that the accountant must deal with in this area. How are some of the issues of estates and trust similar in nature? Different? Please explain in 200 words
Our book distribution division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged 20%. We record revenue based on revenue recognition when the right of return exists.
Kingston Company purchased a piece of equipment on January 1, 2012. The equipment cost $120,000 and had an estimated life of 8 years and a salvage value of $15,000. What was the depreciation expense for the asset for 2013.
Is is important for a company to follow a strict budget even though they may be experiencing phenomenal profits. Do you think there will a bias towards greed when creating the budget for this company? Explain.
Which of the following does not represent a primary motivation for business combinations?
For Bobby Company, sales is $1,000,000 (5,000 units), fixed expenses are $300,000, and the contribution margin per unit is $80. What is the margin of safety in dollars?
imas overarching ethical principles include honesty fairnessobjectivity and responsibility. what are the ethical
The stockholders' equity accounts of Hashmi Company at January 1, 2010, are as follows: Journalize the transaction, events, and closing entries
Indicate whether the lease would be classified as operating or capital under FASB Statement No. 13. Assume each scenario is independent and that Waldrop has not met any of the other requirements for capitalizing leases.
Review the educational and experience requirements to sit for the Uniform CPA Examination published by the Board of Accountancy for the State in which you intent to pursue licensure, in addition to licensure and continuing professional education r..
On July 1, the Lavaca Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lavaca had the following inventory transactions
problem letterman office service amp supply sells a variety of office equipment including the executive office chair.
Edurado has started a small business making sundials. The following transactions occured for the business during a recent period. How much profit did the company earn for this period?
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