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Financial Accounting - Reporting and Interpreting Assets
Grand Canyon University
Textbook: Horngren's Accounting: The Financial Chapters (10th Edition)
Please complete the following exercises and/or problems from the textbook:
CP8-33 - Preparing a bank reconciliation and journal entriesE9-19 - Accounting for uncollectible accounts using the allowance method...........CP9-41 - Accounting for uncollectible accounts using the allowance methodCP10-42 - Calculating and journalizing partial year depreciation
Prepare your answers in an Excel workbook, using one worksheet per exercise or problem.
Identify the depreciation method used for each of the preceding comparative balance sheet presentations (items a-c). If a declining-balance method is used, be sure to indicate the percentage (150% or 200%).
Dumar Corporation recorded sales of $2,235,245. The company's breakeven sales point in dollars is $1,650,000 and its margin of safety ratio at the current sales level is 27%. What total sales are needed to increase the company's margin of safety rati..
Describe the components of the common body of tax law (CBOTL). What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.
Allocate the support department overheads to the 3 patient service departments on the basis of the % of services provided and calculate the profit and loss position for each of the patient service departments and the hospital as a whole.
During 2016, Halifax sold merchandise on account for $13,400,000. This merchandise cost Halifax $8,710,000 (65% of selling prices). Also during the year, customers returned $661,000 in sales for credit. Sales returns, estimated to be 5% of sales, are..
Analyze overall process of accounting for insolvencies and make at least one recommendation for improving current practices. Provide specific examples of how your recommendation would be an improvement.
What income statement outcome, if any, would the change in categorization have for Qtip?
ICANDO Pte Ltd is a medium size IT Company that was started in January 2011 by Dennis Tan. When the company was set up in 2011, Dennis did his own accounting but he later employed April, a fresh graduate, to help him in December 2011.
Assume a division of Hewlett-Packard currently makes 8,000 circuit boards per year used in producing diagnostic electronic instruments at a cost of $33 per board, consisting of variable costs per unit of $26 and fixed costs per unit of $7. Further as..
On January 1, 2013, Tonge Industries had outstanding 480,000 common shares (par $1) that originally sold for $30 per share, and 6,000 shares of 10% cumulative preferred stock (par $100), convertible into 60,000 common shares.
A Merchandiser’s greatest expense is cost of goods sold. Cost of goods sold is calculated based on the different inventory costing method that is used by the company: FIFO, LIFO, Specific identification method, or weighted average cost method.
You are to read the report "The case for global accounting standards" by Professor Ann Tarca (UWA) and analyse what the key points are of the report. Then prepare a report either supporting or challenging the position of the author.
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