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Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance.
Directions: Respond to these questions on a separate Excel spreadsheet as directed on the Problem Set 3 directions.
a) Show the calculation of the gain to be recognized from the exchange.
b) Prepare the entry for the exchange.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Explain why a firm like Grate Care might decide to use both residual income and return on investment as measures of performance.
Prepare a pension worksheet for the pension plan in 2008. Prepare any journal entry(ies) related to the pension plan that would be needed at December 31,2008. Prepare a pension worksheet for 2009 and any journal entry(ies) related to the pension plan..
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
Short Term Financial Policy
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
Sydney Corporation, an Australian-based multinational, borrowed 10,000,000 euros from a German lender at the beginning of calendar year when exchange rate was EUR.60 = AUD1.
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