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In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. The 2004 unrealized gainA-was deferred until 2006.
B-was eliminated from consolidated net income by a working paper entry that credited land $2,000.
C-made consolidated net income $2,000 less than it would have been had the sale not occurred.
D-made consolidated net income $2,000 greater than it would have been had the sale not occurred.
Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts.
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
Sarah came home one day to find significant water damage in her home. Apparently one of the hoses to her washing machine had worn out and split, spilling water all over the place. Over the next month, mildew appeared as well.
Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values an..
Journal entries and trial balance On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month: a. Faith Schultz transferred cash from a personal bank account to an account to be used f..
Explain how both small and large organizations can benefit from budgeting. Explain why a company can show it has a substantial amount of revenue and yet not able to pay its current liabilities?
Evaluate the various accounting treatments for stock compensation and how do they relate to the practice of accounting and its uses in business.
What are some journal entries that must be made at year-end to convert financial statements from accrual to cash basis?
Top Company obtained 100 percent of Bottom Company's common stock on January 1, 20X6 by issuing 12,500 shares of its own common stock, which had a $5 par value and a $15 fair value on that date.
A change from the straight-line method of depreciation to an accelerated method should be accounted for as a(n)
A master budget is a detailed and comprehensive analysis of organizations long- and short-term goals. 1. Identify the major inputs to the master budget and the usefulness of each.
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