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Matching Principle of Accounting.
a)Use the horizontal model or write the journal entry to record the payment of a one-year insurance premium of 3,000 on March 1. b)Use the horizontal model or write the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. c)Calculate the amount of prepaid insurance that should be reported on the 31st of August balance sheet with respect to this policy. d)If the premium had been 6000 for the 2yr period, how should the prepaid amount at August 31 of the 1st year is reported on the balance sheet? e)Why are prepaid expenses reflected as an asset instead of being recorded as an expense in the accounting period in which the item is paid?
Determine net present value of the proposed investment and What is the present value payback period, in years
For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $170,800?
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Do you recommend that the organization advise Mr. Olsen to make the gift unrestricted or restricted? Give your reasons.
Evaluation of Full charges, Variable costs, Market price & Negotiated price to be treated as Transfer Price.
Determine the direct materials price and efficiency variances for Shirt Company. Evaluate the direct labor price and efficiency variances for Shirt Company.
Record the following transactions in the general journal - After recording the transactions listed above, post to the general ledger.
Evaluate the long-term borrowings in AF's balance sheet and the related note.
Evaluate the cost of attending the baseball game with the cost of attending the symphony. Focus on relevant costs. Calculate the difference in cost, and show which alternative is more costly to the Petrocelis.
Recognize which of these expenses are deductible and the amount that is deductible. Show whether they are deductible for or from AGI.
Examine the economic effect of restatement of the financial statements on investors, employees, customers, and creditors.
Why would a company pay to have its public debt rated by a major rating agency (such as Moody's or Standard and Poor's)? Why might a firm choose not to have its debt rated?
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