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Consider the role of an upper manager at Dex. Do you believe that a "point of publication" metod of accounting is allowable under Generally Accepted Accounting Principles? If so, please make an argument that supports the recognition of revenue related to the Colorado Springs directory in December 2000, as opposed to 2001. Do you believe that the actions of the upper managers at Dex were ethical? Why or why not?
1. is it possible for the subsequent two situations to occur at the similar time? a the sales mix variance is
Issuing Statements on Auditing Standards falls under which responsibility of the AICPA?
A construction company entered into a fixed-price contract to build an office building for $18 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The buil..
Determine the gross income of the beneficiaries in the following cases: Justin's employer was downsizing and offered employees an amount equal to one year's salary if the employee would voluntarily retire.
Flip had sales of $10,000 (100 units at $100 per). Manufacturing costs consisted of direct labor $1,500, direct materials $1,400, variable factory overhead $1,000, and fixed factory overhead $500. The company did not maintain any inventories, so tota..
Did the September 11 terrorist attacks on the World Trade Center constitute one loss or two? The resolution to this question is far from simple. Controversy surrounding this issue illustrates the ambiguities inherent in some business insurance con..
Determine the current year's overhead application rate
The Enron debacle created what one public official reported was a "crisis of confidence" on the part of the public in the accounting profession. List out parties who you believe are most responsible for that crisis. Briefly justify each of your ch..
Newport Manufacturing makes and sells backyard fire pits. Each fire pit regularly sells for $269. The following cost data per unit are based on a full capacity of 3,000 fire pits produced each period. What is the minimum selling price Newport should ..
Problem 1: Snider Industries sells on terms of 2/10, net 45. Total sales for the year are $1,500,000. Thirty percent of customers pay on the 10th day and take discounts; the other 70% pay, on average, 50 days after their purchases. a. What is the ..
On January 1, 2013, Learned, Inc., issued $2.6 million face amount of 10-year, 7% stated rate bonds when market interest rates were 1%. The bonds pay semiannual interest each June 30 and December 31. Calculate the proceeds (issue price) of Learned, I..
What is the journal entry for the conversion of $1,500,000 of bonds into 12 shares of common stock (with no par value) for each $1,000 of bonds? How is the related discount on bonds payable recorded?
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