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Problem 1: ABC receives 1,500$ on 15 Aug 2002, representing annual subscriptions in advance to three of its monthly publications (480 for the first, 600 for the second, 420 for the third) the publication dispatched to the customer on 1st day of each calendar month. How much revenue should recognise in the financial statements for 31 Dec 2002?
1- 562.5
2-500
3-0
4-1,500
Assume that you own 90 shares of common stock of a company, that you have been receiving cash dividends of $7 per share per year, and that the company has a 3-for-2 stock split. What new cash dividend per share amount will result in the same total di..
Create the journal entry when the service is provided. Create the journal entry when the cash is received. Create the proper journal entry for when this purchase is made. Why did the GASB probably deem it as being necessary?
Micro Enterprises has the capacity to produce 10,000 widgets a month, and currently makes and sells 9,000 widgets a month. Widgets normally sell for $6 each, and cost an average of $5 to make, including fixed costs. The monthly fixed costs are $18,00..
Record the eliminations of the goodwill and its impairment, if any, that are necessary 10 years after the control date, assuming no further impairment
The spot rate for British Pound (GBP) into South African Rand (ZAR) is 14.06 ZAR/GBP. 6-month interest rates in the UK are 0.75% and 6-month interest rates in South Africa are 5.5%. Assume rates are of the form
Plant & Equipment'or MFRS 138 Intangible Asset are applicable for each of the incured costs above and explain the accounting treatments accordingly.
Why Mr. John was keen to look into the market rate before issuing the Company's Bond in open market. Why he had taken decision to issue Bonds for Financing?
Determine taxable income. - What questions will you ask to be sure he can continue to file on the cash basis?-
Walters Company is considering producing 120,000 pounds of paperclips and 140,000 pounds of staples each month from their current production of grade A and grade B wiring. The following are the expenditures to date: hould Walters Company sell their p..
The Smelting Department of Kiner Company has the following production and cost data for November. Production: Beginning work in process 3,100 units that are 100% complete as to materials and 27% complete as to conversion costs; Compute the equivalent..
Bell Company, a manufacturer of audio systems, started its production in October 2014. For the preceding 3 years, Bell had been a retailer of audio systems. Assuming that Bell manufactures, on average, 1,500 audio systems per month, enter each cost i..
Flite Company reported income before taxes of $900,000 and an extraordinary loss of $250,000. Assume that the company’s tax rate is 35%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, ..
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