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Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should:
a) recognize a gain of $17,600.
b) defer recognition of the gain until Evanna sells the land to a third party.
c) recognize a gain of $8,000.
d) recognize a gain of $22,000.
Prepare Journal Entries for the government based on the production of fund-based financial statements. Than prepare JE entries in anticipation of preparing governement-wide financial statements.
Prepare the journal entry at the date of the bond issuance. (Round answers to 0 decimal places, e.g. $38,548. Credit account titles are automatically indented when amount is entered. Do not indent manually.
How does the use of the accrual basis help organizations to better evaluate their performance over time? What protection could financial statements generated under the accrual basis have to a potential donor in the organization?
Second Baptist would start a church school; and Baker would open a car dealership. If you are the financial adviser for the school district, which offer would you prefer? Why?
How large would the annual net cash inflows from the intangible benefits have to be to make this a financially acceptable investment?
Lump-Sum Purchase of Assets and Subsequent Events Carter Development Company purchased, for cash, a large tract of land that was immediately platted and deeded into smaller sections.
Harry pays $600 for airfare, $200 for meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?
Calculate the following variances: Direct manufacturing labor rate variance, Direct manufacturing labor usage variance, Direct materials price variance (how we did it in the chat session), Direct materials usage variance
Three years ago a piece of machine was purchased for $10,000. Assuming an eight-year life and straight-line depreciation, financial statements for the third year will show:
What is the relationship between present value and the concept of a liability?
Imagine you are the Director of Internal Audit and executive management has asked you to work with the Chief Information Officer to evaluate the security over Information Technology.
If Analog computers can borrow at 9.5% for 3 years, what is the effective rate of interest on a $800,000 loan where a 15% compensating balance is required?
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