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The legal effect of the presence of a superceding event is that:
a. the burden of proof shifts from the plaintiff to the defendant
b. intent must be proven is addition to elements of negligence
c. the defendant is not liable even if the plainfiff has proved all the elements of nefligence
d. the plainfiff and defendant will share liability
Debt guarantees are: a) are considered to be a contingent liability. b) are never disclosed in the financial statement c) are a bad business practice. d) are recorded as a liability even though it is highly unlikely that the original debtor will defa..
Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2011.
The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants.
Mary has a three-stock portfolio and is interested in estimating its overall return next year. She has $25,000 invested in Orange Corp-Calculate the portfolio beta and then apply the SML.
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
Assume that at the beginning of 2010, Northeast USA, a FedEx competitor, purchased a used Boeing 737 aircraft at a cost of $53,000,000. Northeast USA expects the plane to remain useful for five years (six million miles) and to have a residual valu..
Under GAAP, an entry should be made to the bad debt expense account
On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..
Messier Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. Explain Computation of Bond Liability
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
The revenue principle states that revenue shall be recognized at a point when
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