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Question - Grant film production wishes to expand and has borrowed 100,000. As a condition for making this loan, the bank required that the business maintain a current ratio of at least 1.50. Business has been good but not great. Expansion cots have brought the current ratio down to 1.40 on December 15. Rita Grant, owner of the business, is considering what might happen if she reports a current ratio of 1.40 to the bank. One course of action for Grant is to record in December 10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed.
Journalize the revenue transaction, and indicate how recording this revenue in December would affect the current ratio.
Discuss whether it is ethical to record the revenue in December. Identify the accounting principle relevant to this situation, an give the reasons underlying your conclusion.
Discuss this statement and provide appropriate Examples to support your argument - Financial statements prepared on a cash basis of accounting may distort the portrayal of financial position and operating results of a business
When it comes to evaluating performance, a static budget could end up being very misleading. Since a flexible budget is based on sales volume and cost driver activity, it tends to be more accurate when assessing performance.
for the current year paxman company incurred 175000 in actural manufacturing overhead cost. the manufacturing overhead
Service department cost are allocated by the direct method. Calculate the total service department cost allocated to each production department
Using the information provided, prepare a properly formatted statement of cash flows using the direct method
Granfield Company is considering eliminating its backpack division, which reported an operating loss for the recent year of $42,200. The division sales for the year were $963,800 and the variable costs were $477,000.
how would the total costs accounted for be distributed using the average cost method
Kline amortizes all premiums and discounts on forward contracts and closes its books on December 31. Prepare all journal entries
1. the retained earnings statement shows all of the following except which one?2. managements views on the companys
Compute the weighted-average number of shares outstanding as of December 31, 2018. Compute earnings per share for 2018.
jbc corporation is owned 20 percent by john 30 percent by bryan 30 percent by charlie and 20 percent by zcorporation. z
Prepare the following for Machine A: The journal entry to record its purchase on January 1, 2017. And The journal entry to record annual depreciation at Decmber
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