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Liddy Corp. began constructing a new warehouse for its operations during the current year. In the year Liddy incurred interest of $20,000 on a working capital loan, and interest on a construction loan for the warehouse of $70,000. Interest computed on the average accumulated expenditures for the warehouse construction was $50,000. What amount of interest should Liddy expense for the year?
If the current assets in 2010 were 112,004 and in 2009 the current assets were 113,030 the change is -1,026. That would mean the percent of change is -.009%. Is this correct? Can a percent of change be negative? If so, is this the proper way to wr..
Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2007.
Pension data for Goldman Company included the following for the current calendar year: service cost $100,000 PBO, January 1 750,000 plan assets, Janauary 800,000
Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..
At the end of the year, roger's share of partnership liabilities increased by $20,000. roger's basis in the partnership interest at the end of the year is:
In a sample of 1,000 representing a survey from the entire population, 650 people were form Laketown, and the rest of the people were from River City. Out the the sample, 19 people had some form of cancer. Thirteen of these people were from Laketo..
Cara has received a special order from a foreign company for 5,000 units. There is sufficient capacity to fill the order without jeopardizing regular sales. Filling the order will require spending an additional $4,250 for shipping.
George pays $10,000 for a 20% interest in a general partnership which has recourse liabilities of $20,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. George's basis in his ..
A meeting of senior managers at the Pringly Division has been called to discuss the pricing strategy for a new product. Part of the discussion will focus on estimating sales for the new product.
Who has the authority to define accounting standards? Why are standards needed?
Merchandise with a sales price of $460 is sold on account with term 2/10, n/30. What does the journal entry to record the sale include?
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
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