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Problem 1: Give an example of how economic entity assumption principle affect the financial reporting process. You can explain by giving an example of a transaction, by showing journal entries or adjusting entries, or you can give examples of how accounts are classified (as an expense or an asset forexample) according to that principle.
June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, What the amount allocated to cost of goods sold for June is
Write up the Provision for depreciation on motor vehicles account and Motor vehicle at cost account ledger accounts as on 31/12/2017.
Explaining the consolidation process when there is a less than wholly-owned subsidiary acquired at more than book value. Include calculations of how amounts were determined and the journal entries required to record the acquisition by the purchaser.
How are pro forms financial statements utilized in determining whether a major purposed project should be approved or not by healthcare organization.
Calculation of Allowance for doubtful accounts and Allowance for doubtful accounts, Bad debt expense and Account receivable
Ratio of liabilities to stockholders' equity and times interest - Determine the ratio of liabilities to stockholders' equity at the end of each year
Prepare the journal entries to record the exchange on the books of both companies assuming the exchange lacks commercial substance.
If Hamilton has net income of $1.6 million and follows a residual distribution model, how much will its distribution be
Bed & Bath, a retailing company, has two departments, Hardware and Linens. The company’s most recent monthly contribution format income statement follows: Total Hardware Linens. f the Linens Department is dropped, what will be the effect on the net o..
on january 1 2010 sycamore co. issued 7 5 year bonds with a face amount of 5 million dollars. the market yield for
The conservatism constraint: Requires that when more than one equally likely estimate of amounts is expected to be received or paid in the future, then the less optimistic amount should be used.
Evaluate the amount of income from the partnership that Potter should report for his tax year ended 31st December, 2012.
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