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Ms. Clara Crayola, a teacher, received a cash award of $5,000 from the Chamber of Commerce in recognition of her past accomplishments in the field of education. She was chosen without action on her part and is not expected to perform any future services. The $5,000 award is the same as any other prize and must be reported by Clara as income this year?
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:
Prepare Nguyen Corporation's income statement for 2011, including earnings per share, assuming a weighted average of 100,000 shares of common stock outstanding for 2011.
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
Management expects to sell 95,000 units of a product during the next fiscal period. How many units must be produced if the beginning inventory of finished goods amount to 5,000 units and management desires the ending finished goods inventory to eq..
Joyce's office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance proceeds of $360,000 she receives.
The salvage for the existing assets after three years of service is anticipated to be zero. The used machines have no salvage value today in the market place due to their current condition. The desired minimum acceptable rate of return on invested ca..
The renovations cost $50,000 and have a useful life of 8 years. Lisa's Boutique will record occupancy expense for the year ended December 31, of :
Lyle O 'Keefe invests $21,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.
Martin & Associates borrowed $5,000 on April 1, 2008 at 8% interest with both principal and interest due on March 31, 2009. Which of the following journal entries should the firm use to accrue interest at the end of each month?
This is a tax research problem - Clyde had work for many years as the chief executive of Red Industries, and had also been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated.
What's a probability distribution? What's it used for and why do we care? Does a probability distribution guarantee a particular value will occur under a set of circumstances?
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