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For each of the following situations, indicate whether it represents an accounting error and explain why it is or is not an error. Also state whether a trial balance would indicate that an error exists for each situation.
a. Cash received from a customer was debited to Accounts Receivable and credited to Cash.
b. Revenue was recognized when a customer purchased a gift card for future use.
c. An expense was recorded as an asset.
d. The debit side of a journal entry was recorded in the accounts, but the credit side was not.
e. A company shareholder purchased a new car, but this was not recorded by the company.
Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period
Anchovy acquired 90 percent of Yelton on January 1, 2011. Of Yelton's total acquisition-date fair value, $60,000 was allocated to undervalued equipment (with a 10-year life) and $80,000 was attributed to franchises (to be written off over a 20-yea..
tracy owns a nondepreciable capital asset held for investment. the asset was purchased for 250000 six years earlier and
Describe the problems, if any, at Reed Park. Specifically, discuss items related to decision making, cost allocation, and incentives.
knight co. owned 80 of the common stock of stoop co. stoop had 50000 shares of 5 par value common stock and 2000 shares
A company purchased a $5,000, 25-year zero-coupon bond for $820 to yield 8.5% to maturity. How is the interest revenue computed?
department s had no work in process at the beginning of the period. 11289 units of direct materials were added during
Prepare an absorption costing income statement similar to Schedule 9 for the quarter ending June 30. (Use the functional format in preparing your income statement, as shown in Schedule 9 in the text.)
1. on april 30 2009 tilton products purchased machinery for 88000. the useful life of this machinery is estimated at 8
locate the 2003 consolidated statements of cash flows for 1-800 contacts inc. net income for this company is on a
aaron corporation is projecting a cash balance of 30000 in its december 31 2013 balance sheet. aarons schedule of
during its first year of operations henley company had credit sales of 3000000 600000 remained uncollected at year-end.
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