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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Explain to him the rules of debits and credits for the balance sheet and income statement.
Provide examples from the manufacturing industry of:
a journal entry that would be recorded that impacts the balance sheet.
a journal entry that would be recorded affecting the income statement.
Please provide the assumptions behind the transactions and the full journal entries.
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..
Using the above information for ABC co., prepare a pension work sheet for 2008. Indicate (credit) entries by parentheses. Calculated amounts should be supported. Prepare the journal entries to reflect the accounting for the company's pension plan f..
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
Determine that the financial statements present fairly in accordance with generally accepted accounting principles.
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
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