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Kobyashi Moru reports its inventory, fixed assets, depreciation and cost of goods sold on a current value basis (fair market value on the date of the financial statements).
Such accounting violates the cost principle of US GAAP. There is a disclosure of the pertinent facts stating this in a footnote on the key financial statements.Prepare the following paragraphs that include the appropriate language.
need to write a qualified opinion paragraph and an adverse opinion paragrah with the information above. Having trouble finding the proper wording.
Emron Company owns a 100% interest in the common stock of the Dietz Company. On January 1, 20X2, Emron sold Dietz a fixed asset that Dietz will use over a 5-year period. The asset was sold at a $5,000 profit. In the consolidated statements, this p..
What is the major difference between the current ratio and the acid-test ratio? Why is inventory removed from the acid-test ratio?
1 what is the difference between a current liability for an uncertain amount and a contingent liability? give an
After selling the stocks from the portfolio, what would be the total beta of the remaining stocks in your portfolio? What would be the beta of your portfolio if you purchase the new stocks and put it in your portfolio?
Calculate the funding levels and capital gains experienced by Coca-Cola and PepsiCo in their respective pension funds.
What is the purpose of depreciation? Does the book value of a fixed asset, cost minus accumulated depreciation, communicate to a user what the asset is worth? Should the financial statements reflect the value of fixed assets?
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the Straight-line method
Construct a bond amortization table for this problem to indicate the amount of interest expense and amortization at each May 31. Include only the first four years. Make sure all columns and rows are labeled. (Round to the nearest dollar.)
In 2009, Ray incurs $60,000 of mining exploration expenditures, and deducts the entire amount for regular income tax purposes. Which of the following statements is incorrect?
Record pension expenditures are not always influenced by actuarial computations.
The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..
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