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Indicate in each case whether the item has been handled in accordance with generally accepted accounting principles. If so, indicate the key basic concept that has been followed. If not, indicate which concept has been violated and tell how the item should have been recorded or presented. Remember to explain your reasoning.
1.Lauren Fox owns a snow removal business in Maine. Customers who will be vacationing in Florida for the winter must make a deposit of one-half of the seasonal rate on September 1, the last date to make arrangements to have their sidewalks and driveways plowed throughout the winter while they are gone. The balance is due on November 1. At the time deposits are received, Fox records them as revenue.
Refunds, if any, are treated as expenses at the time they are made. 2.. The Dollar Store sells such items as discontinued products and merchandise purchased from bankrupt companies. Freight costs on goods purchased are quite high. The company adds the freight costs to the purchase price and treats the total as cost of its merchandise inventory.
Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2009, the company collected the following amounts applicable to future services:
If 1,000 units remain unsold at the end of the month and sales total $150,000 for the month, what would be the amount of income from operations reported on the absorption costing income statement?
the process of stating the basic dilemma and then developing other questions by progressively breaking down the
on january 1 2012 surreal manufacturing issued 600 bonds each with a face value of 1000 a stated interest rate of 3
audio max electronics company manufactures electronic stereo equipment. the manufacturing process includes printed
Both Adams and Wolfe are large public corporations with subsidiaries throughout the world. Adams uses a centralized approach and makes most of the decisions for its subsidiaries. Wolfe uses a decentralized approach and its subsidiaries ma..
The firm's ability to accelerate or delay investment projects, A strong preference by most shareholders in the economy for current cash income versus capital gains, constraints imposed by the firm's bond indenture
Which is expected to be recovered over the next several months. How should Club account for the decline in value?
laura eddy opened eddys carpet cleaners on march 1. during march the following transactions were completed. mar. 1
There are two stocks, stock A and stock B. The price of stock A today is $70. The price of stock A next year will be $50 if the economy is in recession, $80 if the economy is normal and $95 if the economy is expanding.
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
question- milner frosted flakes company offers its customers a pottery cereal bowl if they send in 3 box tops from
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