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Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of these items, list the assumption, principle, information characteristic, or modifying convention that is violated.
1. Because the company's income is low this year, a switch from accelerated amortization to straight-line amortization is made this year.
2. Sanchez Corp. decides to establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The possibility of loss is considered remote by its attorneys.
3. An officer of Sanchez Corp. purchased a new home computer for personal use with company money, charging miscellaneous expense.
4. A machine that cost $40,000 is reported at its current market value of $50,000.
Present a position either in favor or against the policy of stating investments at fair market value and that the changes be recognized as either revenues or as expenditures. Please give a few examples.
How much revenue will Drysdale recognize under the cash method and under the accrual basis? Describe how Drysdale should apply the matching principle to recognize expenses. Prepare an income statement according to the accrual method. Ignore income ta..
Make the required end-of-period adjusting entries for each independent case listed below.
Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company.
The shareholders equity section of Rowen Company shows: Common stock $1,500,000; paid-in capital in excess of par value of $1,000,000;
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
MBA 640 Exam 1, Spring 1, 2014: Compute the unit product cost for one barbeque grill for each of the costing methods described in Chapter 9. Prepare an income statement for the year using the absorption approach.
You are required to prepare a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.
On January 1, 2013, Winn Heat Transfer leased office space under the 3 year operating lease agreement. The arrangement specified 3 annual rent payments of $80,000 each, starting January 1, 2013, the inception of lease
A company entered into the following material contracts at the beginning of the year: For each of the above contracts, prepare any necessary journal entries and notes to be included in the financial statements.
Prepare the journal entries necessary to record the transactions above using the appropriate dates. Prepare the adjusting entries necessary at Dec. 31, 2007 in order to properly report interest expense related to the above transactions. Assume stra..
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
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