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1.Cranston LTD. prepares its financial statements according to International Financial Reporting Standards. In October 2013, the company received a $2 million government grant. The grant represents 20% of the total cost of equipment that will be used to improve the roads in the local area. Cranston recorded the grant and the purchase of the equipment as follows:
Required:1. Explain the alternative accounting treatments available to Cranston for accounting for this government grant.2. Prepare any necessary correcting entries under each of the alternatives described in requirement1.
condensed monthly operating income data for cosmo inc. for november is presented below. additional information
what types of activities are internal service funds used to account?
Which of the following is not true about closing entries?
an employee highly skilled receives an hourly rate of 40 with time and a half for all hours worked in excess of 40
At the end of your accounting cycle, you have $500,000 in customer deposits. How do you state and properly account for this activity in your financial statements?
An amortization schedule for bonds issued at a premium: A. Summarizes the amortization of the premium, a contra-asset account with a credit balance. B. Is reported in the balance sheet.
fresh cut corporation purchased all the outstanding common stock of premium meats for 12600000 in cash. the book value
before considering a net operating loss carryforward of 40 million fowler corporation reported 100 million of pretax
A violation of the profession's ethical standards would most likely have occurred when a CPA:
city farm insurance has collection centers across the country to speed up collections. the company also makes its
Dothan Inc. has a 10% ROE and a 30% dividend payout ratio. Its stock is currently selling at $50 per share and it recently paid a $2 dividend per share. a) Calculate the internal growth rate of the company.
A table is made from one tabletop, four legs, and four hangers. Each of the legs is made from 4 feet of hickory wood and 1/4 gallon of varnish. Each of the hangers is made from a brace and 4 bolts and 4 nuts. Draw the BOM for the table.
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