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You have just joined a CPA firm. Your manager is impressed with the recommendations that you provided on the reporting of securities for the client. He comes in and says "You did a great job! The client was thrilled with the recommendations." Your manager has another consulting assignment. He asked you to prepare for him the entries and financial statement presentation for both of the following situations:
• The new client has the following securities on his or her books on Dec 31, 2011: Available-for-sale securities Cost Fair Value
o Prepare the adjusting entry required for 2010 under available-for-sale securities. o How are the amounts reported in the financial statements?
• The client has the following portfolio for trading securities as of Dec 31, 2011: Available for trading securities Cost Fair Value
o Prepare the adjusting entry required for 2010 under trading securities. o How are the amounts reported in the financial statements?
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2007, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business ..
what would be your response to anothercommittee concerning the current financial status of the social security system?
locos operates a chain of sandwich shops. the company is considering two possible expansion plans. plan a would open
hanks hardware which sells sheers of sandpaper in bulk. october 1 hank had 4000 sheets of sandpaper at the average cost
the accuracy of accounting records is enhanced by the integrity of internal controls. comment on this statement and
joan 45 years old and unmarried contributed 1200 monthly in 2011 to the support of her parents household. the parents
george corporation has an estimated monthly sales of 6000 units for 40 per unit. variable costs include manufacturing
spoiled baby corp spc sells baby buggies. you are the company accountant and have been faced with several decisions
royal carpet cleaning provided 90000 of services during 2011 its first year of operations. all customers paid for the
Limousine Conversion Company purchases ordinary Cadillacs, cuts them in half, and then adds a middle section to the vehicles to create stretch limousines.
chatter corporation operates in an industry that has a high rate of bad debts. before any year-end adjustments the
In addition Larry's car (15000 value cost 2000) was stolen during the year, and the insurance reimbursement was only 7000. He also had 2000 of travel expenses related to his job not reimbursed.
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