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Financial interpretation No. 46R, "Consolidation of Variable Interest Entities," reference several FASB Concepts Statements in motivating the need to identify and consolidate variable interest entities. FIN 46R also expands the traditional definition of control as provided in Accounting Research Bulletin 51. "Consolidated Financial Statements." Review the Summary to FIN 46R and explain the following.
At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.
Tandum Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $150,000 for March and $200,000 for April, what are the budgeted cash receipts from sales on a..
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
What classification procedure and subsequent classification could Jaycom follow in order to meet its objective? How will Jaycom justify its choice to their auditors?
Compute earnings per share for 2012, using the weighted-average number of shares determined in part (a).
Analyze the budget variance by calculating the direct labor efficiency and rate variances for June. What alternatives to the preceding monthly report could improve control over the stamping department's direct labor?
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:
The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year.
Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because
It is estimated that $38,400 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's overall net operating income would:
Evaluate the importance of ethics in accounting. Do you think ethical behavior is more or less important in this profession than in others? Defend your position. Analyze the code of professional conduct, including enforceable and non-enforceable p..
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