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Issued $100,000 of 30 year bonds at a premium. Prior to maturity, when the carrying value of the bonds was $105,000 scott retired the bonds at 102.
Prepare the journal entries for redemption of the bond.
What is the relationship between present value and the concept of a liability?
Preparation of a classified balance sheet-From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
A U.S. firm has received a large amount of cash inflows periodically in Swiss francs as a result of exporting goods to Switzerland. It has no other business outside the U.S. It could best reduce its exposure to exchange rate risk by:
In January, 2012, Yoder Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons.
Kelso Co. receives $479,000 when it issues a $479,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $30,660 on June 30 and December 31.
Due to the negligence of the other driver, Adam's car is completely destroyed, and he is seriously injured. Two days later, Adam dies from injuries suffered in the accident.
The service unit or output for this department is the number of procedures performed. A static budget was prepared at the beginning of the year. You are now tasked with examining that budget in relation to actual experience.
Abner, age 80 and in poor health, owns investment land with an adjusted basis of $50,000. He is considering transferring it to Stella, his niece. Regarding Stella's income tax position, should the transfer to her be by gift or by inheritance? (Ass..
Alonzo Co. acquired 60% of Beazley Corp. by paying $240,000 cash. There is no active trading market for Beazley Corp. At the time of the acquisition, the book value of Beazley's net assets was $300,000.
Dan and Patrick have asked you, their accountant, to determine how their repayments should be treated for tax purposes. Dan is still working as a highly compensated executive for Osprey while Patrick is retired and living off his savings.
Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor.
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.
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