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Computer Systems often sells merchandise in exchange for interest bearing notes receivable, maturing in 6, 12, or 24 months. The company records these sales transactions by debiting Notes Receivable for the maturity value of the notes, crediting Sales for the sales price of the merchandise, and crediting Interest Revenue for the balance of the maturity value of the note. The cost of goods sold is also recorded.
In the situation described above, indicate the accounting principles or concepts, if any, that have been violated and explain briefly the nature of the violation. If you believe the practice is in accord with generally accepted accounting principles, state this as your position and defend it.
The cost of the 500 units in process at the end of the period in the first-in, first-out method is used to cost inventories was which of the following:
Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an amount is zero, enter in "0".
journalize the following selected transactions completed during the current fiscal yearjan 3 the board of directors
the intangible assets section of centaur company at december 31 2012 is presented below.patents 84400 cost less 8440
lori who is single purchased five-year class property for 200000 and seven-year class property for 400000 on may 20
Identify the principles of internal control: Culottis Oizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can see other employees m..
Big Corporation distributed land to its sole shareholder, Little Corporation, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and Big Corporation's adjusted basis in the land was $200,00..
Immediately after the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?
westfield corporation makes two different boat anchors-atraditional fishing anchor and a high-end yacht anchor-usingthe
book value of common stockholders equity of dow chemical december 31 2010 figures in billions. common shares 2.5
Lewis Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows.
what is the difference between a joint venture and a strategic alliance quite a bit both financially and
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