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Question :
1. Adjusting Entries are needed at the end of the period to make sure that accrual accounting principles are applied. The building that houses the business is depreciated at an annual rate of $14,000. Prepare the adjusting entry for year end. Name the accounts impacted and how to use the format account name/dollar amount/ debit or credit, and describe how the Accounting Equation is impacted.
2. The accounting profession follows a set of benchmarks for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Describe what the Going-concern Assumption is and give an example of its application.
After Ed's death, his former employer paid Ed's widow $12,000 in "her time of need." Ed's widow also collect $25,000 on a group term insurance policy paid for by Ed's employer. Illustrate what are Ed's and his widow's gross income?
Describe at least 3 main reasons that you think prompted the U.S. Congress to pass the SOX Act.
Calculate the amortization of the patent, copyright, and trademark and prepare general journal entries to record the end-of-year amortizations.
If the $1,800 cost is entirely fixed, how much must each passenger be charged for the toll process to break even? How much each passenger must be charged for the toll process to make a profit of $250 per day?
Base on the ratios computed in requirement a, comment on the apparent effects of Whirlpool's acquisition of Maytag. Assume any significant change in these ratios was the result of the aquistion. Calculate the ratios?
Asset cost allocation - Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2013 and use straight line method, prepare the December 31 adjusting entries to record depreciation for the 12 month..
Assume that the company decides to use activity-based costing to apply overhead cost to products. Find the unit product cost of each product.
Management proposed changing the estimated useful life of the computers to two years. Prepare the journal entry necessary at the end of 2013 to record depreciation on the computers.
How should this lease be classified (a) by Western Soya Co. (the lessee) and (b) by Rhone-Metro Industries (the lessor)? Why? Prepare the appropriate entries for both Western Soya Co. and Rhone-Metro on December 31, 2011.
Which principle states that assets acquired by the business should be recorded at their actual price and company performed services for a customer on account
What is the total increase or decrease in cash flow from having entered into this forward contract hedge?
Calculate number of shares outstanding at the time of the cash dividend and the amount of cash required to fund the cash dividend.
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