Reference no: EM132431258
Question - FASB Codification Research
Part of the external audit team auditing Coover Corporation's financial statements for the year ending December 31, 2014. The audit engagement should be completed by mid- February and Coover anticipates publishing its financial statements, including your CPA firm's audit opinion, by February 28, 2015.
At December 31, 2014 Coover had a $100,000 outstanding note payable that was issued in 2011 and is due March 5, 2015. On January 10, 2015, Coover sold 1,000 shares of its $30 par value common stock for $90,000. Coover intends to use the $90,000 proceeds plus $10,000 cash on hand to repay the note payable on March 5, 2015.
Coover has reported the $100,000 note payable as a current liability at December 31, 2014 because it will be paid off in the short-run. However, the audit senior isn't sure that is the correct way of reporting the note because it wasn't paid off with a current asset. The audit senior has assigned you the task of researching the proper reporting.
Required: Draft a research memo addressing the note payable.
|
Compare Family Support and Family Preservation services
: Compare and Contrast Family Support and Family Preservation services.Discuss the role of Kinship providers.discuss family based support and preservation service
|
|
What is Milton basis in the land
: Milton has a basis in his partnership of $300,000, including his $80,000 share of partnership liabilities. Following distribution what is Milton's basis in land
|
|
Journalize the transactions for peak performance
: Journalize the transactions for Peak Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold
|
|
Describe how the institutions affect gender-socialization
: Describe how these institutions affect gender-socialization. Discuss the three main institutions in gender socialization, family, school, and the media
|
|
Question - fasb codification research
: Question - FASB Codification Research. Coover has reported the $100,000 note payable. Required: Draft a research memo addressing the note payable
|
|
Prepare the statement of financial position
: Prepare the statement of financial position (liabilities and equity sections only) of Baiduri Berhad as at December 31, 2017.
|
|
Calculate issac deductible miscellaneous itemized deductions
: Cost of uniforms required by his employer: $720. Calculate Issac's deductible miscellaneous itemized deductions (after any limitation) on Schedule A
|
|
What type of reactions or thoughts did the content stimulate
: What specific ideas, concepts, arguments, perspectives, experiences, etc. struck you as interesting, problematic, and/or worthy of further, deeper consideration
|
|
Amazons eye on turkey - a critical opportunity for business
: Amazon's Eye on Turkey - criticaDemonstrate the interrelationship of the various functions within an organisation and how they link to organisational structure
|