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A not-for-profit organization receives a restricted gift. When,and in which type of fund, should it recognize the revenue? When, and in which type of fund should it recognize the related expense? What is the reason for the apparent inconsistency between the fund types in which the revenues and expenses are reported?
A fir that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. 10,000 units were purchased @$9.00 each. Using FIFO what is the value of the ending inventory of 3,000 units?
Jerry recently was offered a position with a major accounting firm. The firm offered Jerry either a signing bonus of $23,000 payable on the first day of work or a signing bonus of $26,000 payable after one year of employment.
Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2010.
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Define the concepts of present value, payback method, internal rate of return, or net present value and elaborate on your interpretation of their value as assessment tools for an accountant.
How much gain or loss does Sam recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest?
Aqua Tech is considering investing in a new testing device. It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding after 5 year.
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.
Compute the company's total required production in units of finished product for the entire three month period ending September 30.
Jane's travel budget for October was $330, based on her plan to drive 1,500 miles at a cost of $0.22 per mile. During October, she actually drove 1,250 miles at a cost of $290. A flexed budget performance report would show a variance of:
Sparrow Co. is currently operating at 80% of capacity and is currently purchasing a part used in its manufacturing operations for $8.00 a unit. The unit cost for Sparrow Co.
Why is equity capital generally more expensive than debt financing?
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