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Problem 1: Accounting rules dictate 'Cost Principle', which means historical cost as the main valuation measure. In this Partnership accounting , why are the assets contributed by each partner recorded at their current Market values?
Prepare the entry to record the remittance of the sales taxes on October 5 if a 2% discount is allowed for payments received by the State Revenue Department by October 10.
As the comptroller of a hospital, you were just informed that one of the surgeons failed to remove an instrument from a patient's innards. The hospital is certain to be sued. How should this information affect the hospital's financial statements?
Potential impact on business and the accounting profession of changes in accounting standards or securities laws - Explain specifically why external auditors are no longer permitted to do significant consulting for a firm that it is auditing.
Elucidate the difference in operating income for January, February, and March under variable costing and absorption costing.
The AICPA has the authority to set standards and make rules in all the following areas EXCEPT:
ABC is preparing its 2009 financial statements. Before taking into account the following information, net income from continuing operations before tax for 2009 was determined to be $500,000. ABC has a corporate tax rate of 30%. Prepare a partial inco..
A compant is considering investing $350,000 in surface land rights and $600,000 in a steel warehouse building with both costs incurred at time zero. Manufacturing equipment costing $400,000 would be installed at time zero to generate carwash units to..
Sprinkle Co. sells its product for $20 per unit. During 2013, it produced 60,000 units and sold 50,000 units (there was no beginning inventory). Costs per unit are: direct materials $5, direct labor $3, and variable overhead $1. Fixed costs are: $240..
Company uses the straight-line method for amortization. Determine the dollar value of the interest expense for the 2018 fiscal year.
On January 1, 2013, Salvatore Company leased several machines from Nola Corporation under a three-year operating lease agreement. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines w..
A New York City daily newspaper called “Manhattan Today” charges an annual subscription fee of $270. Customers prepay their subscriptions and receive 280 issues over the year. Prepare the journal entry to recognize sale of 11 new subscriptions, clear..
bell company acquires 80 percent of demers company for 500000 on 1st january 2009. demers reported common stock of
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