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Point 1: You have just graduated from the local University and landed what you had thought was a great job as an accountant for Crazy House Interiors, an upscale design studio. Your apartment is wonderful and you have made a lot of new friends. However, you boss has just asked you to "do him a favor." Crazy House is planning to ask one of the local banks for a loan. However, there is some concern because this year's revenues are considerably lower than the revenues of the previous year. One of the more talented designers has just landed a contract for a large, profitable project. Half of the fee for the project is to be collected when the contract is signed at the end of this week, with the remainder of the money due when the project is completed. Work will begin on the project when the contract is signed. Your boss has asked you to record the initial payment of $125,000 as revenue at the time the money is received. Not wanting to disappoint the boss, you originally agreed to record the transaction as he requested.
Question 1: However, you are having second thoughts about recording the transaction and your ethical responsibilities. What should you do? Why?
Prepare a trial balance with the proper heading (see Exhibit 7) and with the accounts listed in the chart of accounts sequence (see Exhibit 2). Compute the balance of Accounts Payable.
Gates Inc. manufactures rubber hoses for automobile engines. There are three products to consider: Assume that all fixed costs given above are common fixed costs. Management is considering eliminating the Lower Radiator Hose product line, since it is..
Supply journal entries for each of the transactions. The numbers in the journal entries can be rounded to the nearest dollar.
A company had inventory of 8 units at a cost of $12 each on December 1. On December 2, they purchased 8 units at $21 each. On December 6 they purchased 7 units at $23 each. On December 8, they sold 18 units for $52 each. Using the LIFO perpetual i..
Linda, who has AGI of 120,000 in 2013, contributes stock in Mauve Corporation (a publicly traded corporation) to the Salvation Army, a qualified charitable organization. The stock is worth $65,000, and Linda acquired it as an investment four years ag..
If the income effect is in effect for all taxpayers, what average tax rate will result in a 8 percent increase in tax revenues?
The following events pertain to Burlington Supply Company for January, 2012. The company uses the perpetual inventory method. Indicate how each of the events affects the company's financial statements, using the financial statement model provided.
Calculation of Over heads to be assigned to a unit of output - what amount of overhead will be assigned to a unit of output which requires 0.5 machine hours and 0.25 labor hours to complete?
Wave Wake Marine Company has total estimated factory overhead for the year of $1,200,000, divided into four activities: fabrication, $450,000; assembly, $210,000; setup, $240,000; and inspection, $300,000. Wave Wake manufactures two types of boats:
HA2032 Corporate and Financial Accounting Assignment, Holmes Institute, Australia. Provide a comparative analysis of the debt and equity position
Analyze the effect of each transaction on assets, liabilities, and stockholder's equity: Selected transactions for Thyme Advertising Company, Inc.
How (and why) individual remuneration packages of executives can be structured to motivate managers to maximize equity value?
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