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Assignment
At the end of the current month, Tomas Lott prepared a trial balance for AAA Rescue Service. The credit side of the trial balance exceeds the debit side by a significant amount. Tomas has decided to add the difference to the balance of the miscellaneous expense account in order to complete the preparation of the current month's financial statements by a 5:00 PM deadline. Tomas will look for the difference next week when he has more time.
Do you feel that Tomas is acting in a professional manner? Who is impacted by Tomas's decision to "plug" the numbers in order to get his statements to balance? If you were in Tomas's position, how would you have handled this situation?
The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $230 accrued interest for June has not yet been paid or recorded.
In recording the purchase, Henner Corporation recorded Machine A at acost of $50,400. Calculate the cost assigned to Machine B. Do not use decimals in your answer.
In what ways do individuals make a difference in a firm's commitment to ethics? Describe the three stages in which an individual develops ethical standards.
A refrigerator used by a meat processor has a cost of $86,750, an estimated residual value of $7,500, and an estimated useful life of 25 years. What is the amount of the annual depreciation computed by the straight-line method?
Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
What accounting assumption, principle, or constraint would Target Corporation use in each of the situations below Target was involved in litigation over the last year. This litigation is disclosed in the financial statements.
the proper allocation of manufacturing overhead to products produced is required by generally accepted accounting
Prepare Nguyen Corporation's income statement for 2011, including earnings per share, assuming a weighted average of 100,000 shares of common stock outstanding for 2011.
flexible budgets provide different information than static budgets. discuss some of these differences. is a flexible
Compute the cost allocation rate for each activity - Computing ABC allocation rates
In your response highlight ethics & governance, accountant's role in changing depreciation methods, stakeholders and the impact of AASB116? Students must provide 8 academic references to support their response
during the fiscal year ended 2010 a company had revenues of 390000 expenses of 250000 and an income tax rate of 36
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