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Max Industries, a publicly traded company, changed its method of accounting for bad debts from the direct write-off method to the allowance method on January 1, 2011 because uncollectible accounts always have been material to the financial statements of the company. The company's accountant determined that an appropriate allowance of $9,000,000 should be established. Ignore income taxes.
Required:
i) Is this a change in accounting principle, change in estimate, or a correction of an error?
ii) Prepare the journal entry to record the change.
What is Blue Nile's strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value proposition? What evidence from the 10-K supports your conclusion?
The ability to add ghost employees to a company's payroll system is often the result of a breakdown in internal controls. What internal controls prevent an individual from adding fictitious employees to payroll records?
Identify a real-life outsourcing decision that has been made and the specific reasons for the outsourcing. If information is available, discuss the results of the outsourcing decision (jobs lost, cost savings, etc.). Cite sources as deemed necessa..
What do you think is George Bush's desired conclusion? Make sure to include the computations of income. How can the discrepancies in parts (a) and (b), and the motivation difficulties in part (c) be diminished?
Assume that there is no maturity risk premium. An 8-year corporate bond has a yield of 8.3 percent, which includes a liquidity premium of 0.75 percent. What is its default risk premium?
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:
The character of any income or loss will be ordinary if the contributed property is sold by the partnership within five years after the date of contribution regardless of the character of the asset in the hands of the partnership.
The Container Store currently sells a “Bento Salad Bowl,” which it is currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.
Determine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements.
Suppose her marginal tax rate is 40 % this year and next year, and that she can earn an after-tax rate of return of 8% on her investments.
Following are selected accounts for Green Corporation and Vega Company as of December 31, 2010. Several of Green's accounts have been omitted. Compute the book value of Vega at January 1, 2006
At the beginning of the year, Albers, Inc., has total stockholders' equity of $840,000 and 40,000 outstanding shares of a single class of capital stock.
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