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Problem 1: For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earned, and (3) insurance of $5,000 that expired. For the year ending December 31, what is the effect of these errors on revenues, expenses, and net income?
Bragg Company owns a plant asset that originally cost USD 240,000 in 2006 The asset has been depreciated for three years assuming an eight-year useful life and no salvage value. During 2009, Bragg incorrectly capitalized USD 120,000 in repairs on the..
How would you record the purchase of merchandise inventory with cash?
If the DPS of CBA was to remain at 2010 levels indefinitely into the future, estimate the discount rate of CBA. If the risk free rate on 30 June 2010 was 4.5%
A 20% probability that sales could increase by as little as 2%. What are the initial recognition and subsequent measurements of this transaction
Calculate the present value of the following perpetuities: a. $1250 discounted to the present at 7%. b. $7250 discounted to the present at 6.33%
Depreciation of buses is due to obsolescence. Depreciation due to wear and tear is negligible and liability insurance premiums are based on the number of buses in the company's fleet.
Using the same information question 1, if the selling price has increased by $35, what's the impact on the firm's reported net income
Discuss the ways in which foreign currency gains and losses may affect cash flow. how companies recognize revenue and provide specific examples
objective of financial reporting by business enterprises and Short term investment would be classified as an assets and would appear on the income statement
How much revenue would Sydney Ltd recognise for the month of June 2020? Received a deposit in June from a customer for $100,000 for work
Prepare a general journal entry to record depreciation on the machine for the five months in 2022. Use the straight-line depreciation method.
What Sunland should report retained earnings, 12/31/20, at? Correction of overstatement of depreciation expense in prior years, net of tax $ 650000
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