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Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. During the year it acquired $21,000 of computers, which it estimated to have a useful life of three years. It is the policy of the organization to charge an entire year's depreciation in the year of acquisition.
Prepare all required journal entries, being certain to indicate the type of fund in which each entry would be made.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Make the journal entries to record the following transactions in Hunt Ltd’s records by using perpetual inventory system.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
Calculate the recomputed basis of the property. Calculate the amount of ordinary income under Section 1245. Calculate the Section 1231 gain.
What is meant by the statement, "Assets are listed in order of liquidity"? Give an example using the typical current assets section of a balance sheet.
Why is measurement in the context of accounting so important
Fitzgerald Company wrote checks totalling $17,080 during October and $18,650 during November. What was the amount of outstanding checks on November 30?
Give a detailed overview of U.S. publicly traded company, Priceline. This should be 3 pages. Measure the company's vulnerability to current financial threats, such as a recession, higher interest rates, and global competition.
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
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