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What's wrong with not recording revenue when you haven't been paid? What happens if you record the revenue and never receive payment?
Since it was shipped as of 31 st December, does this represent a sale for the year ended on that date? What additional audit steps would be taken to evaluate that the sale is valid?
What discount (interest rate) factor did you use to discount future dollars to today's dollars and why? There is no right or wrong answer and even actuaries have to adjust their numbers annually at times.
What affect will this have on operating income
A company currently completed 45,000 units of a product that was expected to consume four pounds of direct material for each finished unit. The standard price of direct material was $8 per pound.
Assume that once the year ends, the company determines that 12,000 machine hours were actually used during the year and actual overhead was $420,000, what would be the total overhead applied and the over-applied overhead for the year?
What is the difference between the aggregate and entity theory of partnership taxation? Provide two examples of how partnership tax rules reflect the aggregate theory and two examples of how they reflect the entity theory.
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect ..
The new machine will cut operating costs by $10,000 every year for the next five years. Taylor's cost of capital is 8%. Should the firm replace the asset?
Preparation of Journal entries to record stock dividend and stock split - Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split
Selling and administrative expenses budget
Make a flexible budget for the Beverage Division using production levels of 45,000 units, 50,000 units, and 55,000 units. If required, round per unit amounts to two decimal places
What is consolidated net income for Sedona and Phoenix for 2013
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