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Demarco Phipps purchased a used tractor for $17,500. Before thetractor could be used, it required new tires, which cost $1,100,and an overhaul which cost $1,400. Its first tank of fuel cost $75.The tractor is expected to last six years and have a residual valueof $2,000. Determine the cost and depreciable cost of the tractor and calculate the first year's depreciation under the straight-line method.
Fund accounting is very different from commercial accounting, but has a lot of similarities as well. Discuss the similarities and differences between these two types of GAAP accounting methods.
Discuss the inherit risks related to sampling methods and how the risk of audit sampling can be minimized by the auditing team.
The assets and earning power are likewise important to a banker considering a loan. How are current liabilities related by definition to current assets? How are current liabilities related to a company"s operating cycle?
John-Bob's share of losses from Partnership Z during 2010 was $60,000. How much is John-Bob at risk for Partnership Z on January 1, 2011?
They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 71/2% of adjusted gross income ,$3,000 in property taxes ,$4,000 in housing interest ,and $5,000 in miscellaneous itemized deductions that exceed 2 perce..
Wilton Company reported net income of $50,000 for the year. During the year, accounts receivable decreased by $7,000, accounts payable increased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities f..
In May of 2009, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2009, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
Of the following statements related to impairments of investments, which is correct?
On this date the banks prime rate was 11%. The first payment for interst and principle was made on September 1 2011. At december 31 2001, Herman should record accured insterst payable.
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company. The CFO will receive no financial incentive for this misstatement. In fact, he risks losing his job by d..
Why is it important to consolidate financial statements? When should financial statements be consolidated? What are the pros and cons of consolidating financial statements? Include limitations, if any.
you will be reading portions of the 2011 Comprehensive Annual Financial Report (CAFR) issued by Broward County, Florida. You will be asked to prepare "executive summaries" of the information reported.
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