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Compensated Absences: Bettinghaus Corporation began business on January 2, 2013, with five employees. Its sick leave and vacation policy follows: Each employee is allowed 8 days of paid sick leave each year and one day of paid vacation leave for each month worked. The accrued vacation leave cannot be taken until the employee has been with the company 1 year. The sick leave, if not used, accumulates to an 18-day maximum. The vacation leave accumulates for 5 years, but at any time the employer may request additional compensation in lieu of taking paid vacation leave. The company records its liability for both compensated absences on a quarterly basis. The daily gross wages for each employee are $160.
REQUIRED: 1) Prepare journal entries to record the liability for compensated absences for the first quarter of 2013. Assume no sick leave had been taken by the employees. 2) Prepare a partial interim balance sheet showing how the liability created in Requirement 1 would be reported on march 31, 2013. 3) Discuss the underlying conceptual basis of accounting for compensated absences
suppose that the financial management corporations 1000 par-value bond had a 5.700 coupon matured on may 15 2017 had a
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Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:
In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of $300,000.
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discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing
Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.
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