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You are a recently-hired accountant at Greenwood Company, a small corporation that does a seasonal business of selling snow removal equipment, with most of its sales to retailers occurring in the last two quarters of the calendar year. Production is particularly heavy during the second quarter, in preparation for these sales. In the process of preparing Greenwood Company’s 2015’s first quarter interim report, you noticed and inquired about an account titled Miscellaneous Factory Assets for $140,000. The controller asked you to include it in long-term assets although that was the amount spent on repairs and maintenance during the first quarter. The controller didn’t want to show a loss, which is what would happen if the $140,000 were expensed in quarter 1. Instead, Greenwood would book the expense in the quarter it will have the least effect on net income. The controller argued that it makes no difference, since the company’s total yearly income is the same regardless of the quarter repairs and maintenance expense is reported. Respond to the controller’s explanation from financial reporting and ethical perspectives.
some managers to increase sales by offering unauthorized discount(thereby hurting profits). List out internal controls you may want to add or enforce to reduce the likelihood of future misstatements.
on june 15 2011 sanderson construction entered into a long-term construction contract to build a baseball stadium in
What is the book value of the equipment and does the balance in the accumulated depreciation account mean that the equipment's loss of value is $725,000? Explain.
The wage then increases to $10. The wage then increases to $14. Each time the budget constraint: a. Rotates clockwise with new vertical intercept higher than before and new horizontal intercept lower than before
Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,800 of this balance is direct labor cost, how much of it are direct materials cost? Manufacturing..
you are the financial controller of dd which currently prepares financial statements in accordance with local gaap.
What is MM capital structure theory without taxes and bankruptcy costs and what is the break-even EBIT? How to find the break-even point?
In this coursework you need In Excel produce firstly a zero based budget (ZBB) and then produce a costing for the business game product using absorption costing.
Prepare an income statement for 2012 consider that the production-volume variance is written off at year-end as an adjustment to cost of goods sold.
Megan MacLaren, promise to pay Concord, Inc., $900, 90 days from date, at 14 percent interest.
Prepare an income statement for December 2012 and a classified balance sheet at December 31, 2012 and compute ending inventory and cost of goods sold under FIFO, assuming Ruggiero Company uses the periodic inventory system.
Describe key issues of the case as they relate to Mr. Friehling's actions, or inactions, in relation to the AICPA's Code of Professional Conduct. Identify as well as describe the issues and provide examples to clarify and amplify your discussion. ..
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