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Each mini-case is independent of the others. For each mini-case you should do Steps One - Five on pages 64-65 of the course textbook, but only turn in Step Five. Upload your responses to the appropriate Dropbox in eCollege no later than 11:59 p.m. central time on November 1ST. Step Two is done for you because the only allowed source is the FASB Codification. Steps One and Three are important; if you skip ahead to Step Five it will show in your write-up. Type your answer in memo format. Your response should be a maximum of two paragraphs per mini-case (½ to ¾ of a page). Use the following rules: double-space, 1" margins, Times New Roman. You must cite the appropriate source from the FASB Codification in your response. Citing complete sentences out of the Codification will hurt your grade. Please use your own words in your response. Mini-Case # 1 James Olds buys a four-year, $1,000,000 certificate of deposit from the Second National Bank. James will receive 5% interest in year 1; 5.5% in year 2; 6% in year three; and 6.5% interest in year 4. If James "redeems" this certificate before the maturity date, he would receive a cumulative 4.5% annual rate of interest of 4.5%. The Bank has ascertained that less than one percent of its depositors redeem their certificates before the maturity date. The bank asks you, its accountant, how to accrue and measure such interest payment obligations. Mini-Case # 2 Jane Construction Company is building an office building for speculative purposes. That is, the Company has not yet found a buyer for the building, but expects to do so within a few months. Jane, who expects to spend about another two years to complete construction of the building, asks you, his accountant, if interest and property taxes associated with this construction site should be capitalized or expensed. At what rate of interest should Jane use, if any, to capitalize any interest costs? Mini-Case # 3 The Justin Company's fiscal year ends on June 30. Its employees (with at least three months of experience) are entitled to 12 paid sick days annually for each calendar year beginning on January 1. An employee not taking his/her earned sick days would receive payment thereon on December 31 of that year. How should Justin record and measure such a liability as of June 30th?
on april 1 2014 somers company assigns 200000 of its accounts receivable to third national bank as collateral for a
Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values an..
what is the difference between a current liability for an uncertain amount and a contingent liability? give an example
What are the options for an entity trying to invest in its growth? How does Apollo finance its business? Did you identify any errors or findings in Apollo's long term liabilities? Do the activities of Apollo require any additional or particular di..
Is the transaction taxable?
Submit a tax file memorandum with proper citations of all sources: I want to see citations of the court case, a revenue procedure, and a specific section of the IRC.
What is accounting cycle? What is accounting procedure? What are the books of maintenance?
Kathy is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kathy has $3,000 of net income. Her allocable home office expenses are $5,000 in total. How are the home office expenses treated on her c..
An increase in the activity level within the relevant range results in:
Which of the following is true regarding the lower of cost or market principle?
For the week in question, Marcia actually produced 1,050 units. In doing so, she purchased 4,000 pounds of material at a cost of $41,000 and used 4,100 pounds of materials. Direct laborers worked 3,000 hours and were paid $16,950. Variable overhea..
A company that changes from the declining-balance method of depreciation for previously recorded assets to the straight-line method should report the change as a(n)
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