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You are a controller for an architectural firm whose accounting year ends on December 31. As part of the management team, you receive a year-end bonus related to the firm's earnings for the year. One of your duties is to review the transactions recorded by the bookkeepers. A new bookkeeper recorded the receipt of $10,000 in cash as in increase in cash and an expense in service revenue. The $10,000 is a deposit and the bookkeeper explains to you that the firm plans to provide the services to the client in March of the following year. 1. Did the bookkeeper correctly record the client's deposit? Explain your answer 2. What would you do as controller for the firm? Do you have a responsibility to do anything to correct the books? Explain your answer.
The corporation paid Patrick a salary of $360,000 during its fiscal year ending October 31,2009. How much salary must Gander pay Patrick during the period November 1 through December 31, 2009, to permit the corporation to continue to use its fisca..
For the current year ending March 31, Ewok Company expects fixed costs of $740,000, a unit variable cost of $55, and a unit selling price of $80.
slider company sales its marchemdice only when crdiet. the following data is avalible in december 31 2014sales
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
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using information from your text and at least one scholarly source compare strengths and weaknesses of capital
tom just received his bank statement and wanted to make sure that the balance in his check book was correct. tom
when treasury stock is purchased for more than its par value but less than the original issue price of the stock
Assuming the building was a manufacturing plant instead of an apartment building.
The stock has a beta equal to 0.75. The risk-free rate is 5.0%, and the market risk premium is 5.5%. The stock's dividend is expected to grow at some constant rate g. The stock currently sells for $50 a share. Assume that the market is in equilibr..
Malrom uses straight-line amortization for patents. On December 31, 2007, the expected future cash flows expected from the patent were expected to be $800,000 per year for the next eight years.
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