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Sam and his sister Blair both attend the state universityu. As a reward for their successful completion of the past yer (Sam had a 3.2 GPA in business, and Blair had a 3.7 GPA in art). their father gave each of them 100 shards of the Walt Disney Company stock. They have jut recieved their first annual report. Blair does not understand what the informaiton means and has asked Sam to explain it to her. Sam is currently taking an accounting course, and she knows he will understand teh financial statements.
Assume that you are Sam. Write Blair a memo explaining teh follwoin financail statemnt itemsto her. in your explanation, describe each of the two financial statemnts and explain the fiancial information each contains. Also define each of the elements listed for each financial stateemtn and explain what it means.
The Denim World sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags.
Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amount of the asset.
Stacey and Andrew each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are: $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1.
The actual sale was effected on December 15, 2011, at a price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale.
On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
Jack Hammer invests in a stock that will pay dividends of $2.00 at the end of the first year; $2.20 at the end of the second year; and $2.40 at the end of the third year.
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
Describe the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this. Evaluate the specific accounting principles (GAAP).
The Audit Committee of the board of Directors is unfamiliar with the professional and ethical standards that govern the conduct of an audit and the issuance of an audit opinion.
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
Determine the predetermined overhead rate. Compute the total cost of the two ending inventories. Compute cost of goods sold for the year (assume no beginning inventories and no underapplied or overapplied overhead).
Modern Mother Magazine has received cash subscriptions on April 1, 2009 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2009.
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