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Ping and Pong are assigned to perform the audit of Paddle Company. During the audit, it was discovered that the amount of sales reported on Paddle income statement was understated because one week sales transactions were not recorded due to a computer glitch. Ping claims that this problem represents a violation of the management assertion regarding existence, because the reported account balance was not real. Pong argues that the completeness assertion was violated, because relevant data was omitted from the records. Which auditor is correct? Explain your answer
laramie industries owns 45 of mccook company. for the current year mccook reports net income of 250000 and declares and
olin company had accounts receivable of 452000. before it recorded the adjusting entry for uncollectible accounts the
Joan purchases a government bond for $10,000 that pays 7 percent annual interest. Jim purchases $20,000 worth of corporate bonds that pay 10 percent annual interest. Joan's goal is to earn $700 per year on her investment, and Jim's goal is to earn..
calistoga produce estimates bad debt expense at 0.20 of credit sales. the company reported accounts receivable and
What accounting method should the company use? Why? Give the journal entries for each of these transactions. If no entry is required, explain why. Show how the long- term investment and the related revenue should be reported on the financial statemen..
at the end of year 1 lane co. held trading securities that cost 86000 and had a year-end market value of 92000. during
On January 1, 2014, Gore Co. sold to Cey Corp. $800,000 of its 10% bonds for $708,236 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Gore report as interest expense for the six months ended June 30, ..
Ajani Company has variable costs equal to 40% of sales. The company is considering a proposal that will increase sales by $10,000 and total fixed costs by $6,000. By what amount will net income increase?
a business is for sale at 100000. discounting the expected cash inflows and expected cash outflows except purchase
the controller of dash shoes inc. instructs you to prepare a monthly cash budget for the next three months. you are
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
Prepare a journal entry for carlton company sells office equipment on sept.2007, for $21,000 cash. the office equipment originally cost $72,000 and as of Jan.1 2007 had accumulated deprication of $42,000. Depreciation for the first 9 months of 200..
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