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WorldCom, Inc. improperly capitalized $3.8 billion dollars of expense from January 1, 2001 through the first quarter of 2002 ($3.04 billion occurred in 2001). Selected balances from its balance sheets are given in the text.
a. What effect did WorldCom's misclassification have on cash flows (a) in total and (b) by classification?
b. Why is it difficult to accept the effects on cash flow from operations of the working capital items listed above?
c. WorldCom's long-term debt went up by approximately $13 billion during 2001. Is it possible that some of WorldCom's current liabilities were reclassified as long-term during 2001?
What effect will the bond premium amortization have on interest expense in 20x7, assuming straight-line amortization is used whereappropriate?
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
the primary operating expenses (such as employee wages, utilities, and repairs and maintenance) for the year were $66347000 with $60200000 paid in cash and the rest on account
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watts and zimmermans positive accounting theory isa. one of several normative theories of accounting b. one of
the lower of cost or market lcm rule is used in the valuation of inventories. the lcm rule explains that if the
Spoiled Baby Corp (SPC) sells baby buggies. Recent changes in the law required SPC to warranty its products for 90 days and you must set up the required accounts. Historical Data indicates that 6% of monthly sales result in warranty claims. The Ju..
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