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A small equipment company is preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, the company received a shipment of inventory but has not paid for it. The invoice indicates that the company owes $5,000 for the purchase. The owner, Randy Ray, has decided to omit this asset and the related liability from the year-end balance sheet, reasoning that it is okay because he is omitting both of them, which means there is no difference in owners’ equity. For this assignment you are to address the following: What is your opinion of Randy’s reasoning? (1 paragraph)
Explain the circumstances under which Randy’s decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable. (3 to 4 paragraphs).
CVP Analysis- variation in sales - Calculate the amount of operating incomes (or loss) that you would expect each firm to report in 2009 if sales were to Increase by 20%
Mr. Green and Mr. Brown form a corporation to carry on a new business. Find out the basis of each property in the hands of the corporation.
Which company will have the higher debt/capital ratio (assume no other debt and identical equity)? ABC's debt matures in 18 months and DEF's debt matures in 9 years. Illustrate what would be the effect on your analysis?
Plot on graph - define variables and state parameters. What type of function models the behavior of the graph? Why Create an equation(model) that fits the graph. on a new set of axes draw your model and comment on differences
Determine the amount of over- or under-applied overhead and What is the significance of this over- or under-applied amount of overhead
Determine EPS under IFRS rules; Criticize and Defend IFRS Accounting; Evaluate and present the difference in EPS and Net Income between US GAAP and IFRS;
Is the assets are treated as if they had been purchased outright. Is this policy companies using U.S. GAAP follow in accounting for capital leases? Explain
Show Definition of Finance and Efficient Market and identification of their role in finance.
Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%. Calculate the break even point in dollars
Evaluate the total deferred tax asset and deferred tax liability amounts at December 31, 2009 and evaluatethe increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2009.
Create a cash budget for Knightsbridge Corporation for the month of June 2012. The template of the cash budget is given below.
Compute the cost allocation rate for each activity. Calculate the average manufacturing cost of each sewing machine assuming direct Materials are $175 per machine.
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