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Modern Mother Magazine has received cash subscriptions on April 1, 2009 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2009. Magazine delivery occurs monthly and started on April 1, 2009. These were the only subscription sales for the year. Answer the following questions for the year ended December 31, 2009:
a. What amount of cash should be reported for the year on the statement of cash flows?
b. What amount of subscriptions revenue should be reported on the income statement?
c. What amount would be reported as unearned subscriptions revenue on the balance sheet as of December 31, 2009?
On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31.
Prepare journal entries to record the following transactions related to long-term bonds of XYZ Co. On July 1, 2008 XYZ retired $150,000 of the bonds at 102 plus accrued interest. XYZ uses straight-line amortization.
Concerning the government-wide statement of net assets, describe what information is included in the governmental activites column, the business type activities column, and the column for the total primary government.
Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).
On April 1, Quality Corporation, a U.S. company, expects to sell merchandise to a French customer in three months, denominating the transaction in euros. On April 1, the spot rate is $1.41 per euro.
It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
Do you think it is necessary to use an accumulated depreciation account instead of just adjusting the asset account directly?
Which of the following would be considered "constuctively received?"
The balance sheets of Davidson Corporation reported net fixed assets of $320,000 at the end of 2011. The fixed-asset turnover ratio for 2011 was 4.0 and sales for the year totaled $1,480,000. Net fixed assets at the end of 2010 were ??
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
As of December 31, 2010, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2010, there was $2,000 of materials on hand. During the year, the company purchased $305,000 of materials;
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