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1. What is a primary control for determining the accuracy of a business's record keeping?
2. Fathom Consulting Services acquired land three years ago for $25,000. Fathom recently signed an agreement to sell the land for $80,000. In accordance with the sales agreement, the buyer transferred $80,000 to Fathom's bank account on October 6. How would elements of the accounting equation be affected by the sale?3. (a) How does the payment of dividends of $30,000 affect the three elements of the accounting equation? (b) Is net income affected by the payment of dividends? Explain.
4. Assume that Donahue Consulting erroneously recorded the payment of $11,500 of dividends as salary expense.
(a) How would this error affect the equality of the accounting equation? (b) How would this error affect the income statement, retained earnings statement, balance sheet, and statement of cash flows?
Jeny is studying Finance at University. To complete the Finance degree she has to take a basic income tax course. Because Jeny does not intend to be a tax expert she considers the course to be a waste of his time. What is the markup on variable costs..
Purposes of preparing action analyses, management has assigned ease of adjustment codes to the costs as follows: wages are classified as a Yellow cost; supplies and raw ingredients as a Green cost; and other expenses as a Red cost.
What can BITE do, if anything, to ameliorate the deleterious effect of reporting a dishonest number (e.g., 5.10%)?
Why does the GAAP not allow a company to use the percentage of sales and the percentage of receivables methods at the same time?
laura corporation is considering the purchase of new equipment with a cost of 41000. the expected cash inflow from the
The demand for solvent, one of numerous products manufactured by heyward Industries Inc., has dropped sharply because of recent competition from a similar product. The company’s chemists are currently completing tests of various new formulas, and it ..
1.On July 1, 2013, the Foster Company sold inventory to the Slate Corporation for $300,000.
Which of the following is not a reason an international manager needs to evaluate recruiting practices? Which of the following is not a weakness of electronic training? Which of the following is not a part of the selection process for most organizati..
Grogle Company had to calculate book value on its die cutting machine. The company paid $32,000 for the equipment on January 1, 2012, but its current appraised value is $46,000. On December 31, 2015, accumulated depreciation on the machine is $12,000..
In what circumstances is application of the mid-market pricing convention appropriate?
kohls corporation's 7.25% bonds due in 2029 were reported as selling for 115,948. were the bonds selling at a premium or at a discount? why is kohls able to sell its bonds at this price?
The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.
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