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Amber Gray tells you that the accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean the same thing to her.
Required:
a. Explain to Amber the difference between a cost and an expense from an accountant's perspective.
b. Explain whether each of the following events produces an asset or an expense:
(1) Purchased a building for cash. (2) Paid cash to purchase supplies. (3) Used supplies on hand to produce revenue. (4) Paid cash in advance for insurance. (5) Recognized accrued salaries.
in this case the customer is using six sigma to reduce defects in a service.a number of merchants that accept american
you are provided with the following information for merrell enterprises effective as of its april 30 2012 year-end.
Three potential investments projects (A, B, and C) at Clouse Corporation all require the same initial investment, have the same useful life (three years), and have no expected salvage value
masse corporation uses part g18 in one of its products. the companys accounting department reports the following costs
net sales 400000 net income before income tax 25000 income tax expense 3750 net income after income tax 21250 total
dorsey co. has expanded its operations by purchasing a parcel of land with a building on it from bibb co. for 93000.
jk software jks a public company with quarterly reporting signed a contract with jr gardens on november 1 2009. the
To be a qualifying child the taxpayer must meet three general tests and five specific tests. What are the three general tests?
Monterey Corporation is considering the purchase of a machine costing $52,000 with a 4-year useful life and no salvage value. Monterey uses straight-line depreciation and assumes that the annual cash inflow from the machine will be received unifor..
Why are paid-in-capital and retained earnings
1. why was the sarbanes-oxley legislation passed in 2002 and what are its implications for the accounting profession?2.
Spock Corporation's unadjusted trial balance at Dec 31, 2007, included the following accounts. Spock Corporation estimates its bad debt expense to be 1.5% of net sales.
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