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A gymnasium offers a gymnasium membership payable in advance. There is no contractual right to a refund, although occasionally refunds were once granted to clients whose health circumstances prohibited them from continuing to attend the gymnasium. All other requests for refunds have been consistently refused. By 30 June 2011 the gymnasium had received $5,000 of membership subscriptions in respect of memberships commencing 1 July 2011. When is the $5,000 taxable?
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
Reisner Company assembled the following information in completing its March bank reconciliation: balance per bank $11,460; outstanding checks $2,325; deposits in transit $3,750; NSF check $240; bank service charge $75; cash balance per books $13,200...
Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2010: How much rental income must Billy Dent include on his 2010 income tax return?
the rate of earnings is 10 and the cash to be received in four years is 42936.00. determine the present value amount
Don pays Cardinal Construction Corporation $2.8 million to do the work. Don also pays an architect $400,000 to draw up plans for the project. Because the rewiring requirements are so extensive, Cardinal pays Dove Electric Company $500,000 to handl..
consider a project to supply 100 million postage stamps per year to canada post for the next 5 years. you have an idle
air meals is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. the
The lease does not meet the definition of a capital lease in terms of a bargain purchase option, transfer of title, or the lease term. However, Pearson must classify this as a capital lease if the present value of the minimum lease payments is at ..
at the beginningof the year caples co had total assets of 800000 and total liabilities of 300000. if during the year
carry out preliminary analytical procedures based on the draft financial information provided and identify any issues
It is futher estimated that the home delivery use of the trucks would be allocated 45% of the existing $6,500 fixed vehicle costs. What is the differential delivery cost per month for expanding into the home delivery market?
scissorwire inc. sells shares of its stock to the public with each share valued at 16. after a year the company incurs
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