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Indicate in each case whether the item has been handled in accordance with generally accepted accounting principles (GAAP). If so, indicate the key basic concept that has been followed. If not, indicate which concept has been violated and tell how the item should have been recorded or presented. Remember to explain your reasoning. 1.Lauren Fox owns a snow removal business in Maine. Customers who will be vacationing in Florida for the winter must make a deposit of one-half of the seasonal rate on September 1, the last date to make arrangements to have their sidewalks and driveways plowed throughout the winter while they are gone. The balance is due on November 1. At the time deposits are received, Fox records them as revenue. Refunds, if any, are treated as expenses at the time they are made. 2.. The Dollar Store sells such items as discontinued products and merchandise purchased from bankrupt companies. Freight costs on goods purchased are quite high. The company adds the freight costs to the purchase price and treats the total as cost of its merchandise inventory.
Journalize all entries required on the abouve dates, including entries to update depreciation, where applicable, on assets disposed of. Thomas Company uses straight-line depreciation. (Assume depreciation is uo to date as of Dec 31 2005.
wwd oil company sells 10000 bbl of oil for 70 per barrel. the lease provides for a 16 royalty interest and the working
find the financial statements for a publicly traded company that provides segmented financial information. prepare an
Dudley Hill Golf Club's market-to-book ratio is currently 2.9 times and the PE ratio is 6.95 times. Dudley Hill Golf Club's common stock is currently selling at $27.26 per share.
cabigas company manufactures two products product c and product d. the company estimated it would incur 167140 in
Discuss the pros and cons of the U.S. Federal Government guaranteeing the pension funds of a private company when it declares bankruptcy. And whether the U.S. Federal Government should guarantee and state your rationale.
1. unit-based product costing uses which procedure?all overhead costs are expensed as incurred.overhead costs are
Sampson Company's accounting records show the following at the year ending on December 31, 2010. Using the periodic system, the cost of goods sold is:
a firm issues two bonds with identical issues prices market-required yields and final maturity dates. one bond is a
A.The character of any income or loss will be ordinary regardless of when the contributed property is sold by the partnership and regardless of the character of the asset in the hands of the partnership.
office world inc. has cash and carry customers and credit customers. office world estimates that 25 of monthly sales
landon corporation was organized on january 2 2010 with the investment of 100000 by each of its two stockholders. net
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