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ABC Inc. has just entered into the business of selling antique cars. The company management decided to lease the premises for the business instead of buying the office premises. They ended up paying an advance rent of $5 million dollars for the initial period of 5 years. The entire amount was recorded as an asset in the form of prepaid expense. When questioned by the auditors, the CFO of ABC Inc. mentioned "An asset is just an expense waiting to happen." Discuss the validity and implications of this statement.
The Nichols Company uses the weighted-average method in its process costing system. The company recorded 29,500 equivalent units for conversion costs for November in a particular department.
The retail value of each computer is $3,000. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this..
the partnership had net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of partnership recourse liabilities on the last day of the partnership year. Michelle's..
To acquire land and building the company paid $80,000 cash and 800 shares of its 8% cumulative preferred stock, par value $100 per share. Fair market value of the stock is $117 per share.
The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job
Suppose that Badger's 2010 ending inventory, valued at year-end costs, was $143,000 and that the relative cost index for this inventory in 2010 was 1.10. In determining the inventory balance should Badger report in its 12/31/10 balance sheet:
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
What is a contingent liability? How is one reflected in the financial statements and the footnotes? How is this accounting treatment consistent with the concept of a liability?
Calculate the total present value of these payments if the interest rate is 5% compounded annually.
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
Calculate the overhead allocation rate. Compute the amount of under- or overallocated overhead. Calculate the ending balances in work in process, finished goods and cost of goods sold if under overallocated overhead is:
King Pin issues $1,000,000 0f 12%. 10 year bonds that are dated Jan. 1, 2009. The first interest payment is due June 30, 2009 (Hint: interest is paid semi-annually). Record the issuance of the bonds and the first interest payment for each situation.
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