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Say you are in charge of a storage shed business. You recognize sales when the shed is fully installed in the customer's yard. Your company takes 25% deposits on all orders. At the end of your accounting cycle, you have $500,000 in customer deposits. How do you state and properly account for this activity in your financial statements?
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the own..
The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000.
Describe the benefits accruing to company that is traded in public securities markets. What are the disadvantages to being public?
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?
An accounting firm, provides consulting and tax planning services. A recent analysis found that 55% of the firm's billable hours to clients resulted from tax planning and for many years, the firm's total administrative cost (currently $270,000) ha..
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
At the start of february pete's had salaries payable outstanding of $17,000. on february 4th,pete sent out paychecks to its employees valued at $20,000. prepare the journal entry for this transaction.
Makes recommendations for the company to minimize the threat of lawsuits relating to privacy protection, product liability, or intellectual property rights.
Was the gain realized by the shareholder on the exchange recognized by the shareholder? Yes or no, and why or why not?
How would we find out the cost of normal spoilage so that we can record it in general ledger? How would we fin out the cost of normal spoilage so that we can record it in general ledger
Prepare separate entries for each transaction on the books of Meredith Company.
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