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Each mini-case is independent of the others. For each mini-case you should do Steps One - Five on pages 64-65 of the course textbook, but only turn in Step Five. Upload your responses to the appropriate Dropbox in eCollege no later than 11:59 p.m. central time on November 1ST. Step Two is done for you because the only allowed source is the FASB Codification. Steps One and Three are important; if you skip ahead to Step Five it will show in your write-up. Type your answer in memo format. Your response should be a maximum of two paragraphs per mini-case (½ to ¾ of a page). Use the following rules: double-space, 1" margins, Times New Roman. You must cite the appropriate source from the FASB Codification in your response. Citing complete sentences out of the Codification will hurt your grade. Please use your own words in your response. Mini-Case # 1 James Olds buys a four-year, $1,000,000 certificate of deposit from the Second National Bank. James will receive 5% interest in year 1; 5.5% in year 2; 6% in year three; and 6.5% interest in year 4. If James "redeems" this certificate before the maturity date, he would receive a cumulative 4.5% annual rate of interest of 4.5%. The Bank has ascertained that less than one percent of its depositors redeem their certificates before the maturity date. The bank asks you, its accountant, how to accrue and measure such interest payment obligations. Mini-Case # 2 Jane Construction Company is building an office building for speculative purposes. That is, the Company has not yet found a buyer for the building, but expects to do so within a few months. Jane, who expects to spend about another two years to complete construction of the building, asks you, his accountant, if interest and property taxes associated with this construction site should be capitalized or expensed. At what rate of interest should Jane use, if any, to capitalize any interest costs? Mini-Case # 3 The Justin Company's fiscal year ends on June 30. Its employees (with at least three months of experience) are entitled to 12 paid sick days annually for each calendar year beginning on January 1. An employee not taking his/her earned sick days would receive payment thereon on December 31 of that year. How should Justin record and measure such a liability as of June 30th?
jim taylor wants taylor company to use cvp analysis to study the effects of changes in costs and volume on the company.
What is control account and subsidiry account give examples and explain its?
Discuss whether Loewen Group expansion from funeral homes to cemeteries affected its horizontal or vertical boundaries or both.
If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, what is the correct balance ..
Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
1. a fully depreciated asset a. must be removed from the booksb. should continue to be depreciated until it is disposed
The total manufacturing costs added to production during the period is $110,000. The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end ..
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
BOND PROBLEM: Red Corp issues $1,000,000, 8% five year bonds with interest paid semiannually. The current market rate of interest is 10%.
Prepare journal entries that should be recorded as a result of each of the above contingencies. If no journal entry is needed, briefly explain why.
due to its experience rating ianelli inc. is required to pay unemployment taxes on its payroll as follows under suta
What auditing failures evident in the failure of Enron and how would these failures have contributed to the overall collapse of the company?
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