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By using Form 10-K for Microsoft Corporation (MSFT) for the Year ended June 30 2016 (filed with the SEC on July 28, 2016) Descrive the overall value of the information disclosed by Microsoft to comply with the fair value disclosure requirements found in Topic 820 in the Codification. Focus on the overall understandability and usefulness of the disclosures to the users of the financial statements.
Assume the same facts as number 1 except that the auditor decides to apply analytical procedures to the second strata of loans.An auditor has haphazardly selected 30 sales invoices to be examined for proper pricing of the goods purchased by the custo..
What expense could Sage Company record as a result of the facts above for the year ended 31 st December, 2012?
Section 404(a) of the Sarbanes-Oxley Act requires management of a public company to issue a report on internal control over financial reporting (ICOFR) as of the end of the comany's fiscal year. What type of internal controls is the report addressing..
Vinson Company purchased a patent for $180,000 at the beginning of Year8, and estimated that its expected useful life was 5 years from the purchase date. The patent has a legal life of 20 years. What amount should be recorded as amortization expense ..
Why does it matter whether Social Security is considered a pension plan or an entitlement program.How does the Federal Accounting Standards Advisory Board (FASAB) direct that Social Security be reported.
Consider the following opportunities. Opportunity 1 requires a $4,000 cash payment now (Year 0) but will result in $14,000 cash received in Year 5. Opportunity 2 requires no cash outlay and results in $3,500 cash received in Year 3 and Year 5. Use Ap..
at his death dr. heinz doofenshmirtz held various patents for evil inventions. these patents were valued at 400000
Computers Inc. sells computers for $2,000 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2004, the company sold 700 computers. Based on past experience..
Under the Lay-by sales conditions customers pay a non-refundable deposit of 10% and agree to pay off the balance within 12 months. The goods are taken from the store's inventory and set aside at the time the deposit is made.
Post the journal entries to general ledger accounts. Prepare journal entries, in good form, to record the May transactions. Explanations are optional.
Art’s at-risk amount in a passive activity was $60,000 at the beginning of 2014. His loss from the activity in 2014 is $80,000, and he had no passive activity income during the year. Art had $20,000 of passive income from the activity in 2015. Under ..
Rock Designs, Inc. is a jewelry store located in Miramar Beach, Florida. After Valentine’s Day, the store often has excess cash to get it through the three-month slow season. The primary shareholder, Hardy Rock, wants to make this seasonal cash work ..
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