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Question - A two year contract was completed in 2012. The project controller discovered that a $60000 down payment that the customer made in 2011 was recorded as revenue when received. But this payment should have been recognized as revenue equally over the two years of the contract (2011 and 2012).
On January 1, 2010, the company leased warehouse space for four years. The monthly rental is $13000. On January 1, 2010, the company paid the following amounts, which were expensed when paid:
Damage deposit $35000
First month rent 13000
Last month rent 13000
61000
Prepare any adjusting entries at December 31, 2012. Assume the books for 2012 are still open, but all previous years are closed. Ignore any income tax effects.
assume you purchase a ticket to a local football game for next week at a cost of 50. before the day of the game you are
Why is the PCAOB important to auditors. On the PCAOB's website, examine the Auditing Standards before reorganization and the reorganized Auditing Standards
common stock financing is often considered the safest form of financing as the issuing firm is under no obligation to
One of the original aims of the Seventh Directive was to assist with the control of multinational enterprises by their host countries. Examine and discuss arguments for and against such a desire for control.
To what extent is differing national culture relevant to an understanding of the causes of accounting differences, and therefore to the process of classification of countries?
The introduction of FRS 3, Reporting Financial Performance, has resulted in a considerably expanded profit and loss account with related disclosures and a new primary statement. The standard is intended to be based on the 'all-inclusive' concept o..
Assume that you are the chief executive officer for Gold Kist Inc., a national poultry producer. The company's operations include hatching chickens.
Alpha acquired 100% of Beta's common stock for $400,000. On this date the Fair Market Value of some of Beta's assets and liabilities were: Prepare a consolidation workpaper at the date of acquisition based upon the following book values at the date:
What amount should Mar-quart report as a liability for stamp redemptions at December 31, 2010?
What are the primary advantages of the step-down method compared to the direct allocation method?
Post the closing entries to the ledger. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry
what is the future value 8 years from of 2000 investedtoday at a periodic interest rate of 12 compounded annually b
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