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Problem - Identifying accounting principles
Identify which GAAP most directly describes each of the following correct practices:
a. Tracy Regis owns two businesses, Second Time Around Clothing and Antique Accents, both of which are sole proprietorships. In having financial statements prepared for the antique store, Regis should be sure that the revenue and expense transactions of Second Time Around are excluded from the statements of Antique Accents.
b. In December 2016, Classic Coverings received a customer's order to install carpet and tile in a new house that would not be ready for completion until March 2017. Classic Coverings should record the revenue for the order in March 2017, not in December 2016.
c. If $30,000 cash is paid to buy land, the land should be reported on the purchaser's balance sheet at $30,000 although the purchaser was offered $35,000 the following week.
Discuss the factors to be considered in determining when revenue should be recognized in measuring the income of a business enterprise.
Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2011 under each of the methods listed below.
Pandora Pants Company acquires a delivery truck on April 6, 2017, at a cost of $38,000. Calculate partial-year straight-line depreciation
the constraint at dalbey corporation is time on a particular machine. the company makes three products that use this
Madison began the year with 1,000 units in inventory, produced 11,000 units, and sold 11,500 units. Commute the standard cost of goods sold
twodor company is involved in four separate industries. selected financial information concerning twodors involvement
Question - Mark Corp has the following preliminary inventory data at December 31st, 2018: What is the inventory market value at 12/31/2018
a company must decide between scrapping or reworking units that do not pass inspection. the company has 13000 defective
Calculate the Total Assets Turnover ratio for both years and interpret. You have been given the two years data of XYZ company
Involving employees in the identification and solution of problems often yields the best results. What types of incentives programs could companies put into place to encourage employees to contribute their ideas?
Determine the account type (Asset, Liability, or Owner's Equity) for each of the account names listed in the Excel workbook in the T-account worksheet.
Crystal Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Crystal uses the perpetual inventory system).
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