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1. Accounting for Pre-Opening Costs After securing lease commitments from several major stores, Auer Shopping Center, Inc. was organized and built a shopping center in a growing suburb. The shopping center would have opened on schedule on January 1, 2010, if it had not been struck by a severe tornado in December. Instead, it opened for business on October 1, 2010. All of the additional construction costs that were incurred as a result of the tornado were covered by insurance. In July 2009, in anticipation of the scheduled January opening, a permanent staff had been hired to promote the shopping center, obtain tenants for the uncommitted space, and manage the property. A summary of some of the costs incurred in 2009 and the first nine months of 2010 follows. The promotional advertising campaign was designed to familiarize shoppers with the center. Had it been known in time that the center would not open until October 2010, the 2009 expenditure for promotional advertising would not have been made. The advertising had to be repeated in 2010. All of the tenants who had leased space in the shopping center at the time of the tornado accepted the October occupancy date on condition that the monthly rental charges for the first 9 months of 2010 are canceled. Explain how each of the costs for 2009 and the first 9 months of 2010 should be treated in the accounts of the shopping center corporation. Give the reasons for each treatment.(AICPA adapted)
base on three preceding situations, explain the effects of the disposal of an asset??
Compute Sales Revenue, Net Sales, and Gross Profit for LBS. Compute the gross profit percentage (using the formula shown in this chapter and rounding to one decimal place). Prepare journal entries to record transactions (a) and (e). LBS is considerin..
What do you think you have learned from this activity - What have you learned about monopolistic competition?
Illustrate journal entries required and demonstrate the calculations necessary. How to calculate a change in the periodic rate is also shown. Plant asset disposal slides illustrate the following situations: retirement, loss on sale, and gain on sa..
s company reports the following annual cost data for its single productnormal production level 75000 units direct
park amp morgan a law firm is considering opening a legal clinic for midde- and low income clients. the clinic would
1.The statement of cash flows is used for _____. 2. Nonoperating items on the income statement _____.
Funzy Cereal includes one coupon in its cereal and offers a toy car in exchange for $1.00 and coupons. The cars cost $1.50. 40% of the coupons were redeemed in the 1st month. 12 million boxes of cereal were sold and 2.4 million coupons redeemed. W..
One-Hour Dryclean, Inc., is contemplating replacing an obsolete dry-cleaning machine with one of two innovative pieces of equipment. Alternative 1 requires a current investment outlay of $25,373, whereas alternative 2 requires an outlay of $24,199..
What can you say about your three stocks with respect to daily closing prices and daily changes in closing prices? Which, if any, of the data sets are approximately normally distributed?
Liability financial services company that provides individuals and institutions with innovative solutions for growing and protecting wealth. The Company's mission, vision and strategy combined with its values, principles and polices are the corner..
Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $886.15. The bank credited Logan Company for the correct amount.
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