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1. Describe two methods for treating the preacquisition revenue and expense items of a subsidiary purchased during a fiscal period.
2. What do potential voting rights refer to, how do they affect the application of the equity method for investments under IFRS? Under U.S. GAAP? What is the term generally used for equity method investments under IFRS?
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
As a result of a review and aging of accounts receivable, it has been determined that the Allowance for Doubtful Accounts should show a balance of $2,100 at December 31,2010.
The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex' s HAS. Rex withdrew only $800 from the HAS, and the account earned $50 interest during the year.
Discuss whether the fact that the library building is in the historic part of town has any role in determining how to record and report the damage and repairs to the library.
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
Fiduciary funds are accounted for differently than permanent funds, even though both may account for nonexpendable resources.
Describe weaknesses in internal control over information and data flows and the procedures for processing shipping notices and customer invoices, and recommend improvements in these controls and processing procedures.
Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E&P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is ??
Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
Mark Mayer, a cash basis taxpayer, leased property on June 1, 2011 to Perry Purly at $325 a month. Perry paid Mark $325 as a security deposit, which will be returned at the end of the lease.
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