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After reviewing the percentage of completion method for revenue recognition, discuss some of the inherent problems related to misrepresentation of income that come with using this method. Provide some actions that could be taken (internal or external) to prevent any type of fraud associated with using this method.Find examples of public companies that use the % completion method for revenue recognition. In doing so read the notes of their financial statements and identify how they disclose the reporting of their policies.
Ellen supports her family as a self-employed attorney. She reports $90,000 of income on her Schedule C and pays $8,000 on health insurance for her family.
Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed:
Compute the fixed overhead variance. (Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input the amount as positive value. Do not round your intermediate calculati..
Written, Inc. has outstanding xxx,000 shares of $x par common stock and xx,000 shares of no-par x% preferred stock with a stated value of $x. The preferred stock is cumulative and nonparticipating.
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
MBC will sell inventory at $160 per unit. MBC will use LIFO method and record COGS on a periodic basis. The company uses straight line depreciation. A full month of depreciation is recorded in the month of acquisition.
Similarities between manufacturing, non-manufacturing, serviced based businesses and not for profit organizations are.
Using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation.
It is now July 31st. You are continuing to advise Dr. Leo Krusack on basic accounting procedures. His practice had the following transactions during July.
During the year, Katie received the following: What amount must Cathy include in gross income?
McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?
Suppose the National Bank of Commerce has excess reserves of $7,000 and outstanding checkable deposits $160,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
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