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You are an accounting student taking a class in accounting. Your professor has given you an assignment for the weekend. He wants you to look at each ethical scenario listed below and answer the questions related to that scenario.
Debit Credit Cost of goods sold $5,000 Inventory $5,000 How should Mr. Wrong have recorded the transaction? What are the ethical aspects of Mr. Wrong s action?
Debit
Credit
Cost of goods sold
$5,000
Inventory
Controlling financial interest means to own more/greater than 50% of the voting stock of another company. Because of this greater than 50% of the voting stock, some of the companies have taken advantage of the criterion, causing serious problems in the business world. Companies were destroyed and with it, employees lost their jobs, their pensions, and 401Ks. So FASB had to make changes to GAAP for consolidations and issued new guidelines. As a student of accounting, you must know these rules. Please research and discuss the new guidelines issued by GAAP for consolidating entities. Give an example of a company that was involved in this kind of unethical behavior.
Controlling financial interest means to own more/greater than 50% of the voting stock of another company.
Because of this greater than 50% of the voting stock, some of the companies have taken advantage of the criterion, causing serious problems in the business world. Companies were destroyed and with it, employees lost their jobs, their pensions, and 401Ks. So FASB had to make changes to GAAP for consolidations and issued new guidelines.
In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2009. 80,000 options were granted at an option price of $35 per share.
given the following information determine the cost of goods sold at december 31 using the weighted average periodic
Suzy Manufacturing has estimated monthly sales of 18,000 units for $48 per unit. Variable costs include manufacturing costs of $27 and distribution costs of $9. Fixed costs are $60,000 per month.
Blue, Inc., a biotechnology company, developed and patented a diagnostic product
Jen Miller made $1,090 this week. Only social security (fully taxable) and federal income taxes attach to her pay.
in 2010 milly purchased 150 shares of stock in tommy corporation for 12500. in 2012 the corporation distributed 2000 to
On October 5, 500 shares of the Birch Company stock were sold for $35 per share less a $50 brokerage fee. Prepare the journal entries for the original purchase, dividend, and sale.
1. how to the weighted average and first-in first-out methods of process costing differ in their treatment of
examine the rules regarding the determination of gains and losses and the requirement for non-taxable exchanges. the
Based on the above Excel Problem; if the total capacity for this business is 725 will you stay in it? If you want to stay in it what price you need to obtain a break-even point of 725?
You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.
greater corporation acquired all of the stock of lesser corporation in 2009 and the entities have filed a state and
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