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In the communication business, companies often use the linesof other communications companies. This line usage is a signifgantoperating expense for Blowhards Company. Generally acceptedaccounting principles require operating costs like line use to beexpensed as they are incurred each year. Each dollar of line costreduces the net income by a dollar. After reviewing thecompany's operations, blowhard concluded that the company didnot currently need all of the line use it was paying for. it wasreally paying the owner of the lines now so that the line use wouldbe available in the future for all the expected new customers.Blowhards instructed his accountant to capitalized all of the linecost charges and depreciate them over 10years. The accountantreluctantly followed instructions and the companies net income forthe current year showed a significant increase over prioryear's net income. Blowhard found away to report continuedgrowth in the company's net income and increase the value
How does Mr. Blowhard scheme affect the amount of income that the company would otherwise report in its financial statement and how does the scheme affect the company's balance sheet?
How many ways can you adjust the financial records to make your company look better yet still follow GAAP and ethical guidelines
Evaluate what percentage interest in the pool is held by town and the school district and show entry in the Investment Trust Fund to record the School District's investment in the pool.
When the bonds are issued, the Enterprise Fund will report total financing sources in the amount of
Stephenson Company's computer system recently crashed, erasing much of the Company's financial data. The following accounting information was discovered soon afterwards on the CFO's back-up computer disk. Cost of Goods Sold $439,800
Determine the NPV for the purchase, lease without the service contract, and the lease with the service contract.
Sara Douglas purchased 30 shares of WXY stock for $210, and on October 29, 2013, she purchased 90 additional shares for $900. On November 28, 2013, she sold 48 shares, which could not be specifically identified, for $480, and on December 8, 2013.
What is the balance in Dowell's lease liability? An amortization schedule will be helpful in determining this amount.
If the company were to prorate the variances, how much ($) of the direct material usage variance would be allocated to finished goods inventory?
The standard costs and actual costs for direct materials, direct labor, and factory overhead for the manufacture of 2,500 units of product and find the labor efficiency (quantity) variance
Discuss how a hospital records the value of goods taken on consignment. For example, art work available for sale in the hospital's gift shop.
Determine the breakeven point in units for the Peoria plant and for the Moline plant and evaluate the operating income that would result from the production manager's plan to manufacture 96,000 units at each plant.
The investment has infinite life. With a 10 percent interest rate, Find the present worth of annual disbursements? How do we get this?
Show the effects on the financial statements using a horizontal statement model as outlined below. 1 Sold $30,000 in merchandise for cash 2 Paid $5,000 for rent with cash 3 Paid $10,000 in salaries to employees with cash 4 Sold $25,000 in merchandi..
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