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On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Prepare the journal entry on July 1 and the adjusting entry on December 31 for Randle Insurance Co
For each factor identified, briefly discuss the importance of the item to the overall account estimate. For example, how important is the interest rate assumption to the overall estimate of the pension liability.
A customer charges a treadmill at Mike's Sport Shop. The price is $2,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's..
Longhorn Company reports current E&P of $100,000 in 20X3 and accumulated E&P at the beginning of the year of negative $200,000. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder's tax basis in his stock in L..
Gomez Service Company has received $7,500 in cash for services rendered. What affect does this transaction have on the accounting equation?
A company has 60,000 shares of common stock issued and outstanding on January 1, 2014. On April 1, the company issues an additional 10,000 shares. On Oct 1 the company repurchases 20,000 shares as treasury stock. What will the company use as it's..
question evaluate what is systems development life cycle methodology and how it applies to the american lafrance
Calculate the ratios for 2014 as Gross Profit Margin B. Profit Margin, Return on Assets and Current Ratio - calculate the effect of each of the adjustments on the profit figure of $63,500 as shown in Michael's draft accounts.
The department actually completed 5000 hours of production. Determine the budget for the department assuming that it uses flexible budgetting.
The product will earn future revenues of $4,000,000 over its 5-year life, as follows: 2008 - $1,000,000; 2009 - $1,000,000; 2010 - $800,000; 2011 - $800,000; and 2012 - $400,000. What portion of the $1,500,000 computer software costs should be exp..
What information does the cash flow statement provide that you cannot see in the other financial statements (income statement, balance sheet, owner's equity)? What elements of the cash flow statement do you think are most important for company..
If a company uses the balance sheet approach to estimate bad debt expense, bad debt expense for a period can be determined by:
A proprietary fund of a governmental entity has donor-restricted assets on its balance sheet. Which of the following best describes where and how those assets will be displayed?
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