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Indicate in each case whether the item has been handled in accordance with generally accepted accounting principles. 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.
howe chemicals company acquires a delivery truck at a cost of 31000 on january 1 2014. the truck is expected to have a
If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10% above the planned level, and I will receive a bonus of $10,000.
requirements1post beginning balances in ledger accounts t-accounts from the december 31 2009 post-closing trial
What are two important characteristics that determine the issuance price of a bond?
which of the following statements concerning users of accounting information is incorrect?management is considered an
At the end of the period, the factory overhead control account for Department A had a debit balance of $260,000; actual direct labor hours were 63,000. What was the under- or over applied factory overhead for the period
Discuss the elements of the process map.
dividends on common and cumulative preferred stock l.o. c2 wades outstanding stock consists of 46000 shares of
Prepare journal entries for the following selected transactions related to this company's stock during the current year:
What if the purchase price was $69,000 would any goodwill be reported?
A new ice cream machine has been added to Dairy Queen - It is expected to add $100,000 in sales in year 1 increasing by $25,000 per year thru year 10 ( 10years total) what is the present value of these future sales if interest is 8%
Explain the general rules and accounting treatments for the parent and subsidiary, including purchase price allocations; intangible assets, such as goodwill and impairment testing; intercompany transactions, such as payables, receivables, revenues..
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