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On December 2, 2011, Part Company, which operates a furniture rental business, traded in a used delivery truck with a carrying amount of $5,400 for a new delivery truck having a list price of $16,000 and paid a cash difference of $7,500 to the dealer. The used truck had a fair value of $6,000 on the date of the exchange. The exchange has commercial substance. At what amount should the new truck be recorded on Part's books?
a. $10,600
b. $12,900
c. $13,500
d. $16,000
Discuss the three approaches for reporting changes in accounting principles. Include additional points about how these approaches may be impacted by the adoption of new IFRS standards.
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores.
Determine the actual and standard variable cost per bag of dog food produced, separated into direct materials. direct labor, and variable overhead.
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
Gilkey Security Systems has the following for the year ended 12-31-09 before adjustments. Gilkey uses the aging method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
In making judgments about materiality at the account balance level, the auditor must consider the relationship between it and financial statement materiality. This should lead the auditor to plan the audit to detect misstatements that:
The new equipment is expected to generate cost savings of $20,000 per year in each of the 6 years. Kumanu's discount rate is 16%. What is the net present value of this equipment?
What is the difference between: unit-level, batch-level, product-level, and facility-level activities?
Venz Company's net income for 20x1 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issued during 20x0, each exercisable for one share at $6. None has been exercised, and 10,000 shares of common were outstanding ..
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
Amata paid $100 per share for her Kingbird Corporation's stock five (5) years ago. As a result of this transaction, which of the following is correct?
Justify how the reporting requirements of the PCAOB reduce the chance of financial fraud. Illustrate the responsibilities of an auditing firm to detect fraud during the audit process.
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