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The trial balance of Fink Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type of adjusting entry (Prepaid expenses, Unearned revenues, Accrued revenues, and Accrued expenses) and (2) the related account in the adjusting entry. (If no adjustment is necessary select Not required for type of adjustment and None for related account.)
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
Page Enterprises has bonds on the market making annual payments, with eight years to maturity, and selling for $988. At this price, the bonds yield 7.90 percent.
Company A, a calender year corporation, has a deficit in current E & P of $100,000 and a $290,000 positive balance in accumulated E & P.
On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31.
What are advantages of public firms reporting to investors using an accrual and not a cash approach? What are the disadvantages?
Identify the components of internal control to which each policy or procedure relates. For each item, identify one other policy or procedure for that internal control component that is not on the preceding list.
During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..
Auditing standards discuss fraud in details. What is your impression of the auditor's responsibility to discover it? Do you make a distinction between responsibility regarding management fraud versus employee fraud?
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
With that said, is pursuit of ALL self interest in contract unethical? If not, at what point does it become unethical?
Which item LEAST resembles an interest free loan from the U.S. government?
Sun estimates the fair value of the recourse liability at $100,000. What would be recorded as a gain (loss) on the transfer of receivables?
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