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Grant Film Productions wants to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the store maintain a current ratio of at least 1.50. Business has been good but not great. Expansion costs have brought the current ratio down to 1.40 by December 15. Rita Grant, owner of the business, is considering what might happen if she reports a current ratio of 1.40 to the bank. One course of action for Grant is to record in December $10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed.
Indicate how recording this revenue in December would affect the current ratio.
Discuss whether it is ethical to record the revenue transaction in December.
Identify the accounting principle relevant to this situation.
Give the reasons underlying your conclusion.
Prepare a schedule that determines the effect on current income of the debt restructuring and the reduction in par value of the common stock necessary to eliminate any de?ci
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Both Al and Jay are in the 35% income tax bracket as individual taxpayers. Discuss how these payments will affect the tax liabilities of Al, Jay, and the corporations.
Classify the following items as issuance of stock (I), dividends (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases stockholders' equ
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Going Higher Construction sponsors a 401(k) profit sharing plan. In the current year, Going Higher Construction contributed 25% of each employees' compensation to the profit s
Is there a difference in the pricing at Wal-Mart versus Target for health and beauty supplies? To answer this question, a student randomly selected 10 identical products at
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