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On November 1, 2009, Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date. It was credited in full to unearned rent revenue. Assuming the accounting year ends December 31, give the adjusting entry required on December 31, 2009.
Describe how investors report investments in equity securities when investor has controlling influence over an investee. (US GAAP)
The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $150,000 at December 31, 2009. This was a result of differences between straight line depreciation for financial reporting purposes and MACRS f..
Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership. Paul's capital is $400,000, Ray's capital is $200,000, and they share income in a ratio of ..
What are the main characteristics of intangible assets? How are they presented in the balance sheet? How do you estimate their useful life? Why is there a distinction between purchased and internally created intangibles?
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs.
Delray Technology is considering these two alternatives to finance its construction of a new $2 million plant:
A number of specific transactions do not necessarily follow the general tax provision applicable to property transactions. Following are a group of transactions that are subject to specific tax provisions. For each of the situations, you are to an..
Stevens Co. bought a machine on January 1, 2008 for $875,000. It had a $25,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Stevens uses straight-line depreciation.
Make a balance sheet and income statement as of December 31, 2003, for Sharpe Manufacturing Company from the following information.
Electricity is billed by kilowatt hour. According to its first bill, Raymondo's paid $573 for 3,000 kilowatt hours in January.
Larry Byrd, Inc., spent $68,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $68,000 expenditure and the first year's amortization, using an 8-year life.
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
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