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In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.
The government also reported $5 million of net assets were restricted for payment of debt service. The government's unrestricted net assets would be reported as:
A. $10 million
B. $20 million
C. $25 million
D. $30 million
On January 10, 2012 Badger Co. purchased 30% of the outstanding stock of Crest Co. fir $123,000. Crest paid total dividend to all shareholders of $15,000 on July 15. Crest had a net loss of $25,000 for 2012.
Calculate the partner's distributive shares of partnership income or loss and separately stated items.
Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2012. Ronald contributed $100,000 in exchange for his one-half interest in R&R partnership.
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
In prior weeks you were asked to report on the following scenarios pertaining to Kobyashi Moru. Remember that each of these scenarios was an independent situation.
Falcon Co. produces a single product. Its normal selling price is 30.00 per unit. The variable cost are 19.00 per unit. Fixed costs are 25,000 for a normal production run of 5,000 units per month.
When using classical variables sampling for estimation, an auditor normally evaluates the sampling results by calculating the possible misstatement in either direction. This statistical concept is known as
Discuss your opinion about the value of your enterprise technology example and if you think it appropriately addressed optimal management of the value chain.
The primary revenue source for not-for-profit organizations is contributions. Please define what a contribution is, and discuss how the different types of contributions are recognized as revenue
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a:
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