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All of the following are considered ‘‘constructive receipt'' of income, except:
a. Lori was informed her check for services rendered was available but she did not pick it up.
b. Pierre earned income that was received by his agent but was not received by Pierre.
c. Jacque bought a 9-month certificate of deposit in November 2007. It earned $200 interest in 2007. She can withdraw the principal and interest in 2007 if she pays a penalty of one month's interest ($100).
d. A payment on a sale of real property placed in escrow pending settlement at which time title would convey:
1. d
2. a and b
3. c and a
4. b
Determine the dividends per share for preferred and common stock for each year. Round all answers to nearest whole cent. If an answer is zero, enter '0'
What is unearned revenue and why is it considered a liability? When is unearned revenue recognized in the financial statements?
How are managerial accounting concepts useful for a decision-maker at any level in an organization? Make sure to include different levels of decision-makers in your reply.
The "audit failure" issue is one that we should all be concerned about, but in doing so, we need to separate reality from urban myth while we still have the time (Pat McDonnell)
If it began the quarter with $18,000 of inventory at cost and purchased $72,000 of inventory during the quarter, its estimated ending inventory using the gross profit method is:
Can you think of an instance when a capital project projection might satisfy the hurdle-rate requirements, but the project would be rejected anyway? What other criteria impact the decision?
What controls should an organization like Tyco implement to ensure that such transactions do not take place in the future?
What percentage of the contribution margin is profit on units sold in excess of the breakeven point?
The management of Lopez estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation?
Prepare the journal entry to record the issuance of the bonds. Prepare the adjusting entry to record the accrual of interest on December 31, 2008. Show the balance sheet presentation on December 31, 2008.
Efficient markets assume that stockholder wealth is affected by the amount and timing of cash flows. Which alternative is more favorable to them: purchasing before year-end or waiting until January? Explain.
Prepare the Journal Entries in the General Journal, Post Journal Entries to the General Ledger, Post Adjusting Entries to the General Ledger
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