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The most effective means for the auditor to determine whether a recorded intangible asset possesses the characteristics of an asset is to
a. Vouch the purchase by reference to underlying documentation.
b. Inquire as to the status of patent applications.
c. Evaluate the future revenue-producing capacity of the intangible asset.
d. Analyze research and development expenditures to determine that only those expenditures possessing future economic benefit have been capitalized.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
Management is unsure about how much additional ticket revenue the new ride would generate particularly since customers pay a flat fee when they enter the park that entitles them to unlimited rides. hopefully, the presence of the ride would attract..
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
What is the maximum revenue per year, how many medical patients/year are there, and how many surgical patients/year are there? How many medical beds and how many surgical beds of the 90-bed addition should be added?
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
At the beginning of 2011, based on new marketing research, Barkley determines that the fair value of the tradename is $12,000. Estimated total future cash flows from the trade name are $13,000 on January 4, 2011.
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
A consulting engineering firm is considering two models of SUVs for the company principals. A GM model will have a first cost of $26,000, an operating cost of $2000, and a salvage value of $12,000 after 3 years.
Find out the amount of sales revenue dorough will report on the first 2012 quarterly proforma income statement. Prepare cash receipts schedule for the first quarter of 2012
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
A company issued 3%, 16-year bonds with a par value of $560,000. The current market rate is 3%. The journal entry to record each semiannual interest payment is ??
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