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Marley Company received a seven-year zero-interest-bearing note on February 22, 2011, in exchange for property it sold to O'Lear Company. There was no established exchange price for this property and the note has no ready market. The prevailing rate of interest for a note of this type was 7% on February 22, 2011, 7.5% on December 31, 2011, 7.7% on February 22, 2012, and 8% on December 31, 2012. What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
Rollincoast Incorporated issued BBB bonds two years ago that provided a yield to maturity of 11.5%. Long-term risk-free government bonds were yielding 8.7% at that time.
The contribution margin of the finished products is $6 each. Inventory carrying costs are $0.40 per unit per day. What is the change in the daily contribution margin if the change is made?
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
A preliminary analytical review of the company's most recent balance sheet and income statement
Columbia Corp held 1,500 of Vianco common stock with a cpst of $74,387. These shares were classified as a long term available-for-sale investment. It sold the shares on December 31st for $55,275. Prepare the journal entry to record this sale.
The Nut House sells almonds, cashews, and pistachios. Pistachios outsell cashews by a margin of 2 to 1 cans. Almonds were half the sales of cashews in cans.
Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
Overhead is applied on the basis of direct labor hours. Three direct labor hours are required for each product unit. Planned production for the period was set at 8,000 units. Manufacturing overhead for the period is budgeted at $204,000, of which ..
Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,000 (before considering the loss). What is Norm's..
Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month.
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