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The president of your firm, Lesky and Lesky, has little background in accounting. Today, he walked into your office and said, "A year ago we bought a piece of land for $100,000. This year, inflation has driven prices up by 6%, and an appraiser just told us we could easily resell the land for $115,000. Yet our balance sheet still shows it at $100,000. It should be valued at $115,000. That's what it's worth. Or, at a minimum, at $106,000." Respond to this statement with specific reference to accounting principles applicable in this situation.
State whether each of the following payments is a tax. Explain your answers. a. To incorporate his business, Alex pays the state of Texas a $2,000 incorporation fee.
securities held by an investment trust fund and carried on the books at 100000 are sold for 110000. on receiving the
Determine the maturity date, interest at maturity, and maturity value for each of the following notes.
the heather honey company purchases honeycombs from beekeepers for 2.00 a pound. the company produces two main products
granger products recorded the following transactions for the just completed month. the company had no beginning
profitability ratios the haines corp. shows the following financial data for 2009 and 2010. 2009 2010 sales 2500000
What general internal control weaknesses contributed to this fraud?
the first church has been asked to operate a homeless shelter in part of the church. to operate a homeless shelter the
In a memo to your new assistant, Susan Thompson, explain to her the similarities and differences between financial and managerial accounting.
discuss the major factors considered in determining what depreciation method to use. 2 discuss under what conditions is
treatment for the presentation of current liabilities?
grafton sells a product for 730. unit sales for may were 500 and a 2 growth in unit sales is forecasted for each month.
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