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On January 1, 2012, a foundation made a pledge to pay $ 30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as a salary supplement for a well- known researcher. On December 31, 2012, the first payment of $ 30,000 was received and paid to the researcher.
1. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate-ate discount rate is 5 percent on an annual basis. The appropriate discount factor is 4.33.
2. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
3. Record the receipt of the first $ 30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
Identify all risks and internal control points by incorporating the controls and risks into the flowcharts. Design internal controls to mitigate risks to the systems. Evaluate the application of internal controls to the systems.
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration.
Evaluate the equivalent units of production for each cost element in the Creation Dep. for the month just ended. Find out the average cost per equivalent unit for each cost element.
Thorpe's president has asked your consulting firm to make a recommendation as to whether the banolide should be sold at the split-off point or processed further. Explain your answer.
Madison Industries has equivalent units of 2,000 for materials and for conversion costs. Total manufacturing costs are $160,000. Total materials costs are $120,000. How much is the conversion cost per unit?
EZ, Inc., reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is $500,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 40%.
Green Corporation made extensive modifications to a portion of a building so that it could be used to conduct product research. Discuss whether the modification costs would qualify as research and experimental expenditures.
Which of the following costs is often important in decision making, but is omitted from conventional accounting records?
What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
The equipment was purchased several years ago for $70,500 and had accumulated depreciation of $52,900. What is reported under the operating activities section on the statement of cash flows?
Provide examples from the manufacturing industry of:
What are the pros and cons of this tax credit? Why is this issue of any interest to the NAHB?
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