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Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).
(a) Loss on the disposal of equipment considered to be obsolete because of the development of new technology.
(b) Uncollectible accounts expense.
(c) Gain on sale of land condemned by the local government for a public works project.
(d) Interest revenue on notes receivable.
(e) Uninsured loss on building due to hurricane damage. The building was purchased by the company in 1910 and had not previously incurred hurricane damage.
(f) Loss on sale of investments in stocks and bonds.
(g) Uninsured flood loss. (Flood insurance is unavailable because of periodic flooding in the area.)
pandora inc. makes a rights issue at a subscription price of 7 a share. one new share can be purchased for every seven
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during 2011 the corporation had the following transactions and events pertaining to its stockholders equity. feb. 1
The invoice was approved for payment because the purchase order allowed for price increases up to 5 percent. The invoice was paid on August 30. Prepare the entries necessary to record the encumbrance, approval for payment of the invoice, and payme..
huron company produces a commerical cleaning compound known as zoom. the direct materials and direct labor standards
Calculate the December 31st ending inventory balance.
on january 1 2013 nrc credit corporation leased equipment to brand services under a direct financing lease designed to
Prepare the 2012 fiduciary income tax return (Form 1041) for the Green Trust.
financial statement analysis is used by investors creditors and managers of business to evaluate the operation and
Can Wilshire Oil recover these secret profits and, in addition, recover the compensation paid to Riffe by Wilshire Oil during the period that he acted on behalf of the competitor? Explain.
periodic inventory by three methods cost of merchandise sold the units of an item available for sale during the year
What is the dollar effect of the year-end bad debt adjustment on the before-tax income?
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