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Define the terms debit and credit. Explain how debits and credits affect the following: assets, liabilities, owner's capital account, revenues and expenses.
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
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.
Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. Assume Green Lawn shipped goods costing Green Lawn $8400 and with a wholesale price (i.e. price to the retai..
You just received notice that you have won the $2 million Indiana Lottery. You will receive $100,000 per year for 20 years with your first payment received today.
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Classic Ions, nc. purchased manufacturing equipment with an expected useful life of five years or 5,000 hours of usage. The equipment was purchased on Janruary 1, 2008, for $460,000.
You are auditing Diverse Carbon, a manufacturer of nerve gas for the military-The company’s legal counsel indicates that the company is liable, but the company does not want to disclose this information in the financial statements.
Calculate the total drill and blast cost based on the blasting costs
General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site-Determine the amount of impairment loss
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
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