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Jonathan Milley, the accountant for Bling Sound, Inc. has just completed a review of the General Ledger and is about to begin the adjusting process. His boss, Cantsing has asked to speak to him concerning an outstanding accounts receivable from GGG Studios.
Milley reviews the accounts receivable subsidiary ledger and finds no entry for a receivable from GGG Studios. A review of the customer invoices, shows that GGG Studios contracted for a composition and owes $15,000 to the company. Current reported sales are $175,000.
At the meeting, Milley explains that the receivable has not been recorded on the books and that he will correct that in an adjusting entry. Cantsing asks that Milley does not record the outstanding receivable. He explains that the head of GGG Studios has filed for bankruptcy and there is not chance of collection. Cantsing believes that including the receivable and sale on the financial statements would not be a valid representations of last year's operations.
What should Milley do?
What is Omega's taxable income for the current year, assuming qualified production activities income is $20,000?
On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..
Sophia inherited 1,000 shares of IBM. The father's cost was $2 per share at the time of purchase and 484 per share at the time of his death. Sophia sold them at $86 per share. Calculate the total amount of her capital gain.
What is the asset represented by share of capital stock that have not yet been issued?
Develop a memo to Texaco Inc’s chief accountant indicating the appropriate income tax allocation required for the above items, comprising the appropriate balance sheet presentation.
Brain Drain is about to launch a new product. Depending on the success of the new product, there are three possible outcomes for value next year-What is Brain's total value with leverage?
What is the difference between top down and bottom up budgeting? Under what circumstances might one approach be preferred to the other?
If a Perpetual bond yields 5% and makes an equal payment each year; which has the longer duration - a perpetual bond or a 15-year zero-coupon bond?
Determine the cost recovery deduction for 2012 for these assets.
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
You wish to purchase a 20-year, $1,000 face balue bond that makes semiannual interest payments of $40. If you require a 10% nominal yield to maturity, what price should you be willing to pay for the bond?
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
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