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1. Simonies Company, which uses iGAAP, has a note receivable with a carrying value of $30,000 at December 31, 2010. On January 2, 2011, the borrower declares bankruptcy, and Simonis estimates that only $25,000 of the note will be collected. Prepare the journal entry to record this loss. Briefly describe the accounting for the loan subsequent to the bankruptcy, assuming Simonis estimates that more than $25,000 can be repaid.
On April 25, Donnoly Company buys 4,200 shares of Carpenter common stock for $92,500, plus brokerage fees of $2,000. On October 31, Donnoly sells 600 shares of Corpenter stock for $15,500, less brokerage fees of $500. Prepare journal entries for t..
What are the issues and complications that may arise when multinational corporations conduct performance measurement and comparisons among subsidiaries located in different countries?
By how much did real GDP per capita increase in the United States between 1900 and 2012? Discuss whether the increase in real GDP per capita is likely to be greater or smaller than the true increase in living standards.
on february 24 amw purchased 4000 shares of kmp newly issued 6 percent cumulative 75 par preferred stock for 304000.
doughboy bakery would like to buy a new machine for putting icing and other toppings on pastries. these are now put on
july august september beginning cash balance 10000 ? ? add cash receipts 50000 63000 71000 deduct cash payments
speedy parcel service operates a fleet of delivery trucks in a large metropolitan area. a careful study by the companys
lyons company consists of two divisions a and b. lyons company reported a contribution margin of 50000 for division a
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Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
homeowners heroes inc. manufactures household products such as win-dows light fixtures ladders and work tables. during
boswell electric prepared the following condensedincome statements for two successive
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