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what are the key management assertions related to long-term assets and liabilities? What are the most important assertions related to long-term assets and liabilities? How will auditors test these assertions?
Assume Jane and Jon exchanged their property for stock four years ago while Clyde transfers his property for350 shares in the current year. Clydes transfer is not part of a prearranged plan which Jane and Jon to incorporate their business. Illustr..
Schaefer Organic Farms purchased a new tractor at a cost of $80,000. Annual operating cash inflows are expected to be $30,000 each year for four years. At the end of the teachers useful life, the salvage value of the tractor is expected to be $5000. ..
Baker Company estimates annual overhead costs to be $1,050,000 and that 200,000 machine hours will be operated. Using machine hours as a base,
Organize journal entries to record the transactions. Purpose adjusting entries on December 31 to record accrued interest (daily interest is evaluated utilizing the 360 day method).
John Paul Jones Inc. is a conservatively managed boat company whose motto is, “The old ways are the good ways.” Management has always used straight-line depreciation for tax and external reporting purposes. Although they are reluctant to change, they..
In addition, Gibson sold inventory costing $90,000 to Miller for $150,000 during 2008. Miller resold $80,000 of this inventory during 2008 and the remaining $70,000 during 2009. Make a schedule computing the equity income to be recognized by Gibson..
Assuming actual volume is 11,000 units and planned volume is 10,000 units, the sales volume variance
preparation of income statement using absorption and marginal costing.absorption and variable costing joan tyler
Sam, Sue and several friends want to form an LLC that will be taxed as a partnership. Sam and Sue are planning on working there and two of their friends, If the partnership reports a loss from operations, how do the at risk rules and the passive loss..
production and sales data of Shingle Co. for March of the current year, prepare (a) a sales budget and (b) a production budget.
Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 and giving a short-term note for $319,000. Legal fees paid were $2,070, delinquent taxes assumed were $10,200, and fees paid to remove an old building fro..
Benns adopts the equity method for its 100 percent investment in Water. At the end of six years, Benns reports an investment in Waters of $920,000. What figures constitute this balance?
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