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1. Assume that a company underestimated rebates by $500 million for 2018, and they didn't find out until the following year. Then answer the following: Question a. What management assertion would have been false, and why? Question b. What entries should they make, if any, in the 2018 and 2019 financial statements?
Question c. How would your answer change if they actually knew the correct amount before issuing the 2018 financial statements?
Make the journal entry necessary for Landers Inc. to record the purchase if the purchase price is $650,000 cash. Assume that the purchase price is $320,000 cash. Make the journal entry necessary to record the purchase.
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires.
What inventory level should an order be placed to prevent having to draw on the safety stock? What are the total inventory costs, including costs of carrying
A company, out of Florida, was run by two gentleman. One was the CEO, the other was the President. They both had a salary of $ 200K per year. However, they never took there full salary; in fact, it was only a small percentage that they drew upon ever..
How appropriate is it for the FASB to take the position it has? Current FASB practice states that goodwill cannot be created, added to, or depreciated
What is the name given to the probability distribution that has the greatest chance of applying to this situation, In the textile industry, a manufacturer is interested in the number of blemishes or flaws occurring in each 100 feet of material.
What is the amount of capital in excess of par? What was the amount of retained earnings at the beginning of the year? How many shares are in treasury stock?
What is the total sales (in units and dollars) that must be generated for the company to earn a profit of $70,000?
The machine costs $150,000. Assume an interest cost of 7%. What is the payback period? What is the Net Present Value of the investment?
Not believing in absolutes in an absolute. One's personal ethics may be separated from one's business ethics. Conflicting absolutism states that moral conflicts do not exist because God cannot contradict himself. Unqualified absolutism is choosing th..
Bedrock Inc. is owned equally by Barney Rubble and his wife Betty, each of whom hold 740 shares in the company. Betty wants to reduce her ownership in the company, What is the amount and character (capital gain or dividend) recognized by Betty as a r..
ARIA 5%, Population recorded value $7,000,000, Tolerable Misstatement $100,000, Estimated Population Misstatement $10,000. Tolerable misstatement as a percentage of population value
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