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R&R Equipment Company is preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, R&R received a shipment of inventory but has not paid for it. The invoice indicates that R&R owes $5,000 for the purchase. The owner of R&R, Randy Ray, has decided to omit this asset and the related liability from the year-end balance sheet, reasoning that it is okay because he is omitting both of them, which means there is no difference in owners' equity.
For this assignment you are to address the following:
* What is your opinion of Randy's reasoning?(1 Paragraph)
* Discuss circumstances under which Randy's decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable. (2 to 3 Paragraphs).
Conan Industries also paid $71,411 for expenses in 2010. Of the amount paid, $33,331 was for expenses incurred on account in 2009. In addition, Conan incurred $42,259 of expenses in 2010, which will not be paid until 2011.
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Which of the following is the least praticial reason for allocating service department costs to user departments?
Carin, a widow, elected to recieve the proceeds of a $100,000 life insurance policy on the life of her deceased husband in 10 installments of $15,000 each. Her husband had prepaid premiums of $75,000 on the policy. In the first year, Carin collect..
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Mathews Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new bus cost $65,000, but Mathews was given a trade-in allowance of..
When there are conflicts, how might government regulations or laws tilt the firm toward 'doing good'?
Northern Company's actual manufacturing overhead is $2,500,000. Overhead is allocated on the basis of direct labor hours. The direct labor hours were 25,000 for the period. What is the manufacturing overhead rate?
Calculate the profitability ratios that can be computed from the above information.
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
E-commerce creates its own risks and therefore special internal controls. Identify and explain one pitfall and one security measure for an online business and provide examples of how your selected security measure will strengthen internal control.
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