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The net income of Reliable Provision companydecreased sharply during 2003. Clay Rollins, owner of the store,anticipates the need for a bank loan in 2004. Late in 2003, heinstructed the accountant to record a $70,000 sale of recreationalgear to the Smith family, even though the goods will not be shippedfrom the manufacturer until January 2004. Rollins told theaccountant not to make the following adjusting entries:
Salary owed to employees: $1,000
Expired prepaid insurance: $500
Is income overstated or understated? Why did Rollins take theseactions? Are they ethical? Give reasons for your answer. As a friend, what advice would you give the accountant?
Assume that the equipment in the item 6 was contributed by the city and that the pricing objective was to recoup the cost of equipment in the rate charged over the life of the equipment.
Meyer Corporation uses the percentage-of-completion method to account for work performed under long-term construction contracts.
Ikerd was entering the United States from a trip abroad when the Customs Service confiscated some goods she had purchased and brought back with her. The determination of whether the government is attempting to take property and what type of hearin..
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
Which of the "decision" are relevant to the auditor's evidence accumulation?
Which of the following industries would normally use job order costing systems and which would normally use process costing systems?
Dabney's salary is $35,000 while Nancy's salary is $40,000 and they have interest income of $3,000. During the year, they spend $9,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit f..
When doing a horizontal analysis on a business income statement, you notice that sales have decreased by 9%, but the gross profit has increased by 13%. What are some factors that could cause this to happen?
Kuczenski Corporations cost formula for its manufacturing overhead is $45,700 per month plus $53 per machine hour. For the month of March, the company planned for activity of 6,200 machine-hours, but the actual level of activity was 6,150 machine ..
The expense recognition principle relates to credit losses by stating
Birch Company normally produces and sells 45,000 units of RG-6 each month. RG-6 is a small electrical relay used as a component part in the automotive industry. The selling price is $49 per unit, variable costs are $21 per unit, fixed manufacturin..
Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for Chadmark Corporation?
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