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Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.April 2 Invested $32,000 cash and equipment valued at $14,000 in the business.April 2 Hired a secretary-receptionist at a salary of $290/week payable monthly.April 3 Purchased supplies on account $700 (debit an asset account).April 7 Paid office rent of $600 for the month.April 11 Completed a tax assignment and billed client $1,100 for services rendered. April 12 Received $3,200 advance on a management consulting engagement.April 17 Received cash of $2,300 for services completed for Ferengi Co.April 21 Paid insurance expense $110.April 30 Paid Secretary-Receptionist $1,160 for the month.April 30 A count of supplies indicated that $120 of supplies had been used.April 30 Purchased a new computer for $6,100 with personal funds. (the computer will be used exclusively for business purposes.Journalize the transactions in the general journal.
A corporation's balance sheet presents information as of a point in time. The balance sheet conveys information about a company's assets, liabilities and stockholder's equity. This discussion will provide you with the opportunity to analyze an act..
Develop an Entity Relationship (ER) diagram with cardinalities based on the procedures described in the narrative and requirement.
Describe the IASB Conceptual Framework's perspective of users and their decisions
A series of monthly cash flows is deposited into an account that earns 12% nominal interest compounded monthly.
You are the financial manager of a mining company; you are looking at an investment that requires 10 years to start paying back. This is in a third world country, what factors would you consider and why?
Produce a final schedule of liquidation for this partnership and the partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidateits business property. A balance sheet drawn up at this time shows the accountbalances:
Compare growth of revenues versus income over time and between the two companies and how can you explain the difference in profitability between the two companies?
Do you believe that it is appropriate that we have a single, global set of accounting standards as well as one conceptual framework that has global applicability?
Determine the objectivity of each of the two measurement systems for the year under consideration. On the basis of your examination, which of the two systems would you prefer? Explain.
Statement of comprehensive income for the year ended 31 December 2012 and statement of financial position as at 31 December 201
Advise Polaris Ltd whether it is required to produce consolidated financial statements (CFS). Consider the levels of control and the members' rights in your answer.
As a startup entrepreneur, examine how CVP analysis can be used to create a profitable business and assist in determining sales price. Create a brief scenario for the use of CVP analysis in establishing the price of a product.
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