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The fair market calue of 747 aircraft at december 31,2009 is 30,500,000. If the midwest chose to sell the aircraft on this date would it record a gain or loss on sale and if so, how much?
Prepare a list of your Top Four Managerial Accounting Concepts. Please explain the concepts. You should write at least three sentences about each concept. Do not just state that you liked the concept or found it interesting. You must EXPLAIN the c..
Auditors should understand the five components of internal control that are sufficient to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and to design the nature, timing, and extent of further ..
How much overhead is allocated? What is the over/under absorbed overhead?
The following information is available for completed job: Direct materials,$60000; direct labor $ 90000,manufacturing overhead applied $ 45000, units produced 5000 units, units sold 4000 units. the cost of the finished goods on hand from this job ..
Assume you are the decision maker for IndustryWeek. Given the declining value of the reader response card to subscribers, originally designed as a value-enhancing service to IW readers and advertisers alike, what further research might be suggeste..
Debt guarantees are: a) are considered to be a contingent liability. b) are never disclosed in the financial statement c) are a bad business practice. d) are recorded as a liability even though it is highly unlikely that the original debtor will defa..
Dick owns a house that he rents to college students. Dick receives $750 per month rent and incurs the following expenses during the year.
Using the information you have learned from this course about various risks, identify the accounts or transactions that would be considered to have a significant risk of material misstatement.
Straight-line amortization is used for discounts and premiums. On September 1, 2012, $3,000,000 of the bonds are called at 102 plus accrued interest. What gain or loss would be recognized on the called bonds on September 1, 2012?
The rules are specific. How are extraordinary items different from some other irregular items that you occasionally see on a corporate income statement?
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted. FICA taxes are 8%. State income taxes are 3% of gross earnings.
Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.
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