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Until recently, governments were not permitted to recognize increases in the value of investments as revenue. Present a position either in favor or against the policy of stating investments at fair market value and that the changes be recognized as either revenues or as expenditures. Please give a few examples.
Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
Provide journal entries for each transaction. Provide adjusting entries at the end of the year. Prepare and income statement at the end of the year.
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
Write down an essay on legal issues surrounding Solyndra, the California based solar panel manufacturer.
DeCort Company had these adjusting entry situations at the end of December:May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as i..
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
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