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At the end of the current year, $41,980 of fees have been earned but have not been billed to clients.
a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
b. If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary? Explain.
ynga is a software developer and is considering a project that requires an initial investment of $200,000-The Net Present Value of the project is approximately
Can you give an example of what this number may look like by using the income statement of a real-life company?
During 2010, Gorilla Corporation has net short-term capital gains of $120,000. Net long-term capital losses of $365,000, and taxable income from other sources of $900,000. Prior year's transaction included the following:
Risk affects the cost of equity capital and thus the value of the perpetuity. Collins and Kothari (1989) provide a discussion of additional determinants of the relation between unexpected earnings and returns. How Do Earnings Numbers Relate to Sto..
What is the amount of income from the partnership that Diamond Co. must report for its tax year ending June 30, 2010? What is the amount of income from the partnership that Bill must report for her tax year ending December 31, 2010?
Assume that there are four weeks per month. In rough terms, the hourly wages earned by workers in the garment factory described in the news article is:
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
What amount must be omitted from income for the six year statute of limitations apply:
What is the E&P of Purple Corporation after the property distribution?
Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
During the year, Oscar travels from Raleigh to Moscow (Russia) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect..
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
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