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(Learning Objective 2: Apply the revenue and expense recognition principles) Identify the accounting concept or principle that gives the most direction on how to account for each of the following situations:
a. Salary expense of $38,000 is accrued at the end of the period to measure income properly.
b. March has been a particularly slow month, and the business will have a net loss for the second quarter of the year. Management is considering not following its customary practice of reporting quarterly earnings to the public.
c. A physician performs a surgical operation and bills the patient’s insurance company. It may take three months to collect from the insurance company. Should the physician record revenue now or wait until cash is collected?
d. A construction company is building a highway system, and construction will take four years. When should the company record the revenue it earns?
e. A utility bill is received on December 27 and will be paid next year. When should the company record utility expense?
Kim is determining her retirement plan. Consider she has $500,000 when she retires in an account that earns at an effective annual rate of 9 percent.
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depreciation by units-of-production methoda diesel-powered tractor with a cost of 185000 and estimated residual value
Find gain or loss will be reported on the income statement for the sale of the machine?
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discuss the issues you may face when using financial reports subject to earnings management. Given earnings management is regarded as morally reprehensible explain why managers are still motivated to manage earnings?
Elucidate the pros and cons of using this method to evaluate a capital expenditure (10 points) and (2) show all computations required to arrive at the correct solution.
Make the journal entry necessary on Plitt's books to record the factoring of the accounts.
As CFO, verbally describe in a narrative whether there are any things Ramsey PO Clerks should be looking out for or doing better in their data entry and as CFO, verbally describe in a narrative what each of these strata charts show and how they ca..
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