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Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period. Both parties agreed to satisfy the remaining balance with a ten-month note, at 14% interest, all payable at the end of the note. Please record the appropriate journal entry establishing the note on Adrian's books.
The mortgage holder on the vacation home agreed to reduce the mortgage from $60,000 to $50,000. The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.
What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
Tidbit Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
The Ricardo trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
Do you think that it is a wise investment to contract services taht provide security agains fraud or should it be an in-house department?
All of the following transactions between unrelated parties involve payments to be made in succeeding taxable years. For which of the following transactions may the installment method not be used?
As stipulated, your company is having financial difficulty and has asked the bank to restructure its $3 million note outstanding. The present note has 3 years remaining and pays a current interest rate of 10%.
On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of LittleTick's identifiable net assets.
Explain this type of revenue recognition transaction, and what factors should be considered in determining when to recognize revenue in this transaction?
During its first year of operations, Martin Company paid $4,000 for direct materials and $8,500 for production workers' wages. What is the amount of ending finished goods inventory for the first year?
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