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Question: 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. However, you are having second thoughts about recording the transaction and your ethical responsibilities.
What should you do? Why?
Prepare the income statement and an owner's equity statement for March and a classified balance sheet at March 31. Create adjusted trial balance
Accounts receivable balance on December 31, 2015 $918,000. Calculate the ending balance in Accounts Receivable, as at December 31, 2016
nowadays manufacturing is considering an investment proposal with the following informationcost 450000useful life 6
In March Year 9 an additional $40,000 was distributed to the partners. How much did each partner receive from the March distribution? Show all calculations
The Wildcat Company has provided the given information. Using the high-low method and the information provided above identify the linear cost function equation.
Compute the New amount of allowance for doubtful debts that is deducted from accounts receivable in the balance sheet
Waltham Co. has provided the following information: Calculate the number of equivalent units for materials and for conversion costs
auditors found out that campbell was delaying payments to creditors at year end and selling inventories as huge
daniel longan owns and manages daniels restaurant a 24-hour restaurant near the citys medical complex. daniel employs 9
Pet Joy Wholesale Inc., a pet wholesale supplier, was organized on March 1. Prepare a schedule indicating cash collections from sales for March, April, and May.
Problem - Entries for receipt and dishonor of note receivable - May 3. Received a $150,000, 120-day, 6% note dated May 3 from Sunrider Co. on account
You are entitle to receive a cash prize on March 1, 2013 using one of two options below: A lump sum amount on March 1, 2013.
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