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You work as an accountant for a small land development company that desperately needs additional financing to continue in business. The president of your company is meeting with the manager of a local bank at the end of the month to try to obtain this financing. The president has approached you with two ideas to improve the companyâs reported financial position. First, he claims that because a big part of the companyâs value comes from its knowledgeable and dedicated employees, you should report their Intellectual Abilities as an asset on the balance sheet. Second, he claims that although the local economy is doing poorly and almost no one is buying land or new houses, he is optimistic that eventually things will turn around. For this reason, he asks you to continue reporting the companyâs land on the balance sheet at its cost, rather than the much lower amount that real estate appraisers say its really worth.
Why do you think the president is so concerned with the amount of assets reported on the balance sheet? What accounting concept relates to the presidents first suggestion to report Intellectual Abilities as an asset? What accounting concept relates to the presidents second suggestion to continue reporting land at its cost? Who might be hurt by the presidents suggestions, if you were to do as he asks? What should you do?
When the auditor is unable to obtain sufficient, competent evidence concerning the beginning inventory, which is material, the report is modified by adding an explanatory paragraph prior to the opinion paragraph and appropriate modification to the..
Prepare a production cost worksheet using weighted-average costing for the finishing department.
Which audit procedure is most effective in testing credit sales for overstatement?
Jon Johnson an accountant with local CPA firm, has just completed an inventory count for Mom & Pop's Groceries. Mom and Pop provide audited financial statements to their bank annually, and part of that audit requires an inventory count.
mills mining is considering an expansion project. the proposed project has the following features. the project has an
What is the underlying rationale for Alimony Rules: A. The income should be taxed to the person with a claim of right to the income B. The income should be taxed to the person who enjoys the benefits of the income
1 what is the difference between a current liability for an uncertain amount and a contingent liability? give an
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Papa Roach Exterminators, Inc., has sales of $432,000, costs of $210,000, depreciation expense of $25,000, interest expense of $8,000, and a tax rate of 35 percent. What is the net income for this firm?
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2011, recording any necessary amortization and reflecting all balances accurately as of that date.
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
Fairchild Garden Supply expects $600 million of sales this year, and it forecasts a 15% increase for next year. The CFO uses this equation to forecast inventory requirements at different levels of sales: Inventories = $30.2 0.25(Sales).
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