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The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period. a. this practice is based on the accounting assumption that the life of the business consists of a series of time periods and that it is possible to measure accurately the results of operations for each period. Comment on the validity and necessity of this assumption. b. what has been the effect of this practice on accounting? what is its relation to the accrual system?What influence has it had on accounting entries and methodology?
What is the net present value of a project with the cash flows, if the discount rate is 10 percent - How long will it take the firm to recover its initial investment in this project?
The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?
Mann Inc which owes Doran Co $600,000 in notes payable with accrued interest of $54,000 is financially difficulty. To settle the debt Doran agrees to accept from Mann equipment with a fair value of 570,000, an original cost of $840,000 and accumu..
What is the amount of under- or overapplied overhead at December 31? Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.
Journalize the following selected transactions completed during the current fiscal year:
a company estimates that warranty expense will be 4 of sales. the companys sales for the current period are 185000. the
The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income tax withheld from his earnings was $1,375.17. What is the amount of the employer's..
Discuss and identify how the four basic financial statements are important, and how they are interrelated with each other, and why they are useful to managers, investors, creditors, and employees.It has to be 700-1050 words.
Elly, whose husband died in Dec. 2009, maintains a household in which her dependent daughter lives. What is her filing status for the tax year 2009? (Note: Elly is the executor of her husband's estate.)
reflect for a moment on the lifo last in first out and fifo first in first out inventory methods. if you were starting
2. Which of the following is a step in locating offshore assets? a. determine if a subject traveled overseas b. locate the subject's travel agency c. identify the means employed to move cash offshore d. all of the above e. none of the above
Swanson's fiscal year ends on December 31. Prepare the following journal entries: a. April 1, 2009, to record the issuance of the bonds.
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