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During 2008, Tidal Wave Company began construction on a project scheduled for completion in 2011. At December 31, 2009, an overall loss was anticipated at contract completion. What would be the effect of the project on 2009 operating income under the percentage-of-completion method and the completed contract method?
Percentage of completion/Completed contract
a. No effect/No effect
b. No effect/Decrease
c. Decrease/No effect
d. Decrease/Decrease
Can a nonprofit (not-for-profit) organization release restrictions on a "strike fund" and use it in the general fund for current year activity? Why or why not?
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
Generally Accepted Accounting Principles (GAAP) is based on accrual accounting. Define and describe accrual accounting and provide examples
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The governing body of the Order decided that it was no longer feasible to operate the convent, which had been built about sixty years ago, so it was advertised locally for sale.
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
Hunter's Paradise purchased $568,000 of equipment 4 years ago. The equipment is 7-year MACRS property. The firm is selling this equipment today for $199,500.
Jarrett owns a mountain chalet that he purchased in 1999 for $175,000. This year, the home appraised at $300,000. Shortly after the appraisal, a blizzard hit the area in spring of the current year
Peanut corporation exchanged land and cash of $6,500 for equipment. the land had a book value of $45,000 and a fair value of $34,000. assume the exchange has commercial substance. compute the gain or loss?
Discuss how to calculate how much Marbury Bank loaned to the maker of the note and how must Marbury would receive when the note was rediscounted.
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