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Cameron Bly is a sales manager for an automobile dealership. He earns a bonus every year based on revenue from number of autos sold in year less related warranty expenses. Actual warranty expenses have varied over the prior 10 years from a low of 3 percent of an automobile's selling price to a high of 10 percent. In the past, Bly has tended to approximation warranty expenses on high end to be conservative. He must work with dealership's accountant at year-end to turn up at warranty expense accrual for cars sold each year.
Required
1. Does warranty accrual decision create any ethical dilemma for Bly?
2. Since warranty expenses vary, what % do you think Bly could select for the current year? Justify your response.
Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
Your posts are very good and state that management should focus on the success of the business rather than managing income to their benefit. This gets into ethics, where if you keep doing the right thing you will reap the benefits with bonus's and..
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?
Record each of the following transactions in Gagon's general journal-1. Issued capital stock for $75,000 cash. 2. Borrowed $35,000 from a bank. Signed a note to secure the debt.
Generally, tax strategies operate in two time frames - now and later. " Now" refers to the twelve months of the current tax year. "Later" refers to the long-range tax strategies that benefit taxpayer future.
The human resources department costs are allocated using the direct method and based on the number of employees, and the total amount of costs for the department is $187,000.
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Provide an example of financial institutions, and state what role they play in securities markets.
What are some examples of basic entries to record transactions used in your organization? In your response, you are not required to journalize these entries.
On August 1, 2007, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each February 1 and August 1.
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