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Problem 1. A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized?
A. December 5B. December 10C. November 30D. December 1
Problem 2. A small company may be able to justify using a cash basis of accounting if they have:
A. sales under $1,000,000.B. no accountants on staff.C. few receivables, payables and long term assets.D. all sales and purchases on account.
Compute accounting (book) rate of return based on (a) initial investment, and (b) average investment. (Round your final answers to 1 decimal place.)
What is the total number of common shares issued and outstanding after the split.Nov 12 the company delcared the 3:1 common share split
Determine a cost formula for utilities cost using the least squares regression method. - Prepare a scattergraph and plot the tons mined and utilities cost.
During the current year, Ace Co. amortized a bond discount. Ace prepares its statement of cash flows using the indirect method. In which section of the statement should Ace report the amortization of the bond discount?
Calculate the amount XYZ Company's supplies balance at December 31, 2022 must be equal to in order for them to achieve their goal.
Write out a formal representation of the data-generation process for weekly soda sales that incorporates these and additional factors.
There is no doubt that Swift is guilty and the settlement is reasonably estimable at $10 billion payable evenly over 10 years starting next year. E xplain b riefly how Swift would address this in its current year financial statements.
Realtor Ltd leases its property from a related company called RioCom Limited. RioCom is currently being audited. Your audit of the lease indicates that the rental terms are in excess of rental terms for similar buildings in the area. Explain, with re..
Determine the net realizable value of accounts. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
If the property has a basis of $20,000 to Toolson and has a current value of $45,000 what is the tax effect on Toolson, Andy and Cherie of this distribution
Find the present value of an investment in plant and equipment if it is expected to provide annual earnings of $65,000 for 15 years and to have a resale value of $125,000 at the end of that period. Assume a 10% rate and earnings at year end. The pres..
During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year?
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