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Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000; accounts receivable = $105,000; tangible net fixed assets = $1,640,000; inventory = $297,500; notes payable = $145,000; accumulated retained earnings = $1,260,000; long-term debt = $854,000. (Be sure to list the accounts in order of their liquidity.)
Using the successful efforts method of accounting for oil and gas exploration costs, how much exploration expense would be shown in Exploratory's income statement for 2013?
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
When normalizing operating results, non-recurring expenses that are reported within SG&A, CGS or other expense line items on a company's income statement:
The change will result in a $1,800,000 increase in the start inventory at January 1, 2013. Consider a 40% income tax rate. Find the cumulative effect of this accounting change on beginning retained earnings
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
Discuss your opinion about the value of your enterprise technology example and if you think it appropriately addressed optimal management of the value chain.
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179. She only uses the most accelerated depreciation method possible.
Accounting for Extractive Industries Production commences in Site One
The constraint at Bulman Corp. is time on a particular machine. The company makes three products that use the machine. Data appears below:
Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
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