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Grand Film Production wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been good but not great. Expansion costs have brought the current ratio down to 1.40 on December 15. Rita Grant, owner of the business is considering what might happen if she reports a current ratio of 1.40, to the bank. One course of action for Grant is to record in December $10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed. Discuss weather it is ethical to record the revenue transaction in December. Identify the accounting principle relevant to this situation, and give the reasons underlying your conclusion. Your answer shouldn't exceed 75 words.
Beyer Corporation is considering buying a machine for $25,000. Its estimated useful life is 5 years, with no salvage value. Beyer anticipates annual net income after taxes of $1,500 from the new machine. What is the accounting rate of return assum..
twodor company is involved in four separate industries. selected financial information concerning twodors involvement
Discuss the effect on profits if volume increases to 700,000 units under both the old and the new production environments. Comment on the riskiness of the new operation versus the old operation.
What was the prime motivation behind the decisions of Arthur Andersen's audit partners on the Enron, WorldCom, Waste Management, and Sunbeam audits: the public interest or something else? Cite examples that reveal this motivation.
What are the differences in financial reporting in a for-profit and government organization? What are the similarities in financial reporting in a for-profit and government organization?
On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be:
The XYZ Company billing department has decided to assign one employee to each of its customers. This employee will be responsible for granting credit to the client and then handling the billing.
describe the basic premise of feminist criminology? list and explain the five different types of feminism related to
Straight-line depreciation of $162,000 had been taken on the building. What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
price manufacturing assigns overhead based on machine hours. the milling department logs 1800 machine hours and cutting
Variable costs as a percentage of sales for Leamon Inc. are 75%, current sales are $600,000, and fixed costs are $110,000. How much will operating income change if sales increase by $40,000?
q1in this area we will discuss the significance of the accounting equation the rules of debit and credit and the steps
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