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The company's most recentbank statement reports the following information.
(Ignoring above information)
Particulars Rs.
Balance as per cash book 5877.
Cheques issued but not presentedfor payment 2013
Cheques deposited but notcleared up to 31-10-07 1419
Bankers had wrongly debited thefirm's account with Rs. 225 which was not rectified until 31st October
Prepare Bank Reconciliation Statement as on 30th September
Assume that any distribution involving Sec. 751 property is pro rata and that any precontribution gains have been recognized before the distribution.
What are different criteria for recognizing revenue?Why are there so many revenue recognition methods?Why are the methods subjective and what are the implications on income statement quality?
Buffy, Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $90,000 was reported for financial reporting purposes in the period of sale.
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
Examine the sources of pressure that change and influence the development of GAAP. Determine the sources of pressure that have the greatest impact. Justify your rationale.
Moran corporation has these accounts at December 31:common stock,$10 par, 5000 shares issued,$50,000;paid in capital in excess of par value $18,000, retained earning $42,000, and treasury stock-common, 500 share,$12,000. Prepare the stock holders ..
What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
On December 31, 2013, the child crisis center establishes an endowment fund with a $5 million gift of securities. Income from the endowment is to be used exclsuively to support a nutrition program.
What is the difference of the measurement focus of accrual accounting and modified accrual accounting? In other words, what is the measurement focus of each of these two methods (or basis) of accounting?
Imagine you are the Director of Internal Audit and executive management has asked you to work with the Chief Information Officer to evaluate the security over Information Technology.
Equipment costing $10,000 with accumulated depreciation of $7500 is traded for equipment priced at 17,000, minus a trade in allowance of 2,000. What is the new equipment recorded at?
with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
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