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The net income of Reliable Provision companydecreased sharply during 2003. Clay Rollins, owner of the store,anticipates the need for a bank loan in 2004. Late in 2003, heinstructed the accountant to record a $70,000 sale of recreationalgear to the Smith family, even though the goods will not be shippedfrom the manufacturer until January 2004. Rollins told theaccountant not to make the following adjusting entries:
Is income overstated or understated? Why did Rollins take theseactions? Are they ethical? Give reasons for your answer. As afriend, what advice would you give the accountant?
consider once again the microchip market described in problem 9 . demand for micropocessors is given by p 35 - 5q.
is the total overhead applied the result of multiplying the actual amount of the cost driver by the budgeted overhead
quantacc ltd. began operations on january 1 2011 and uses ifrs to prepare its consolidated financial statements.
nbspon january 1 2011 the xgx company entered into a lease for equipment for use in its factory from the xgz leasing
mitchells softball gloves company estimated the following at the beginning of the year assembly department testing
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
you are a management analyst for xyz aircraft manufacturing company. your company is considering either to use
Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August. The beginning balance in the raw materials inventory account was $33,000.
an investor bought a one-acre lot on the outskirts of a city for 9000 cash. each year she paid 80 of property taxes .
a proposed new investment has projected sales of 832000. variable costs are 57 percent of sales and fixed costs are
Tax professional to decide on the best course of action from a tax perspective on their issues. make a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.
Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
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