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On December 31, 2010, Green Company finished consultation services and accepted in exchange a promissory note with a face value of $400,000, a due date of December 31, 2013, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%.
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..
Net loss is $130,000 and the partners have no written partnership agreement.
Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
Assuming the Koger uses straight-line depreciation, what is the net book value for machine #25624 on March 31, 2008?
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
What are Lily's taxable income and tax liability for the year?
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
What are the two types of proprietary funds, and what are the major differences between those two?
The building has an expected economic life of 30 years. Which of the following statements is correct regarding Draper's treatment of the lease?
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method? What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to eac..
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