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A. Which of the following is not one of the four conditions that normally must be met for revenue to be recognized according tothe revenue principle for accrual basis accounting?
a. The price is fixed or determinable.
b. Services have been performed.
c. Cash already has been collected.
d. Evidence of an arrangement for customer payment exists.
B. The matching principle controls
a. Where on the income statement expenses should be presented.
b. How costs are allocated between Cost of Goods Sold (sometimescalled Cost of Sales) and general and administrative expenses.
c. The ordering of current assets and current liabilities on thebalance sheet.
d. When costs are recognized as expenses on the income statement.
A company, which sells two different models of an item, finds 65% of its customers buy the cheaper model, for $95. The remaining 35% of the customers pay $125 for the more expensive model. What is the expected purchase price?
The average market price of Caruso's common stock was $25 during 2008. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2008?
Swanson Inc. purchased $400,000 of Malone Corp. ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased
A company purchased materials costing $12,000 that, according to standards, should have cost $11,000. They used $8,000 of the materials (at standard cost) in the current period. The journal entry under a standard costing system would include:
Rent income should be shown on the income statement : a. Pretax as part of income from continuing operations before tax. b. net of tax as part of income from continuing operations before tax
A company uses straight-line depreciation for financial reporting purposes but an accelerated method for tax purposes. Is it acceptable to use different methods for the two purposes? What is Lopez's motivation for doing this?
Merchants Bank offers to lend you the $50,000, but it will charge 6.0%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks?
Several years ago, Joy acquired a passive activity. Until 2004, the activity was profitable. Joy's at-risk amount at the beginning of 2004 was $300,000. The activity produced losses of $80,000 in 2004, $50,000 in 2005, and $70,000 in 2006; it prod..
Discuss what these traditional financial statements do well as well as the limitations of these financial statements for valuing information/knowledge age companies.
As of the beginning of each reporting entitys rst scal year that begins after November 15, 2007; this Statement should not be applied retrospectively to scal years beginning prior to the effective date, except as permitted in paragraph 30 for earl..
Compute the amount of net income that ABC Company would report inits 2007 income statement after all the above transactions arerecorded and all necessary adjusting entries are made at December31, 2007. Don't use decimals in your answer.
Emmett Tomas, a bachelor, makes the following testamentary gifts
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