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Given the following scenario, on what date would you recognize revenue if preparing financials under U.S. GAAP? Would your answer change if you were using IFRS? Explain your answers in detail. Scenario: Corky Motors is in its first year of operations and, as of December 30, has total revenues of $5 million, projected net income of $400,000, and total assets of $40 million . On December 31, a customer and Corky Motors agree to terms on the purchase of a new automobile for $37,000.
The customer signs and completes all paperwork for the sale but asks Corky to hold the full-payment check until he can complete financing with a local bank. Because the bank has already closed for the day, it will be January 2 before the customer can release the check to Corky Motors. The customer already has a $40,000 line of credit approved by his bank, The Corky Motors' credit manager reviews the customer's file and offers to finance the transaction through the dealership's financing company. The customer, however, wishes to use a local bank and declines the financing offer. The customer and Corky agree to leave the automobile on the dealership lot overnight so it can be properly serviced .
Partner A has a capital balance of $20,000 and devotes full time to the partnership. Partner B has a capital balance of $30,000 and devotes half time to the partnership. In what ratio is net income to be divided?
Tax depreciation for the year exceeded book depreciation by $50,000. The tax rate for Year 3 was 30%, and Congress enacted a tax rate of 40% for years after Year 3. What is the deferred tax reported on William's December 31, Year 3, balance sheet?
what is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?a. the
Make all journal entries necessary on Candra Christensen's books in 2011, 2012, and 2013 to record the forward contract and the purchase of the lobster. For purposes of estimating future settlement payments under the forward contract, assume that ..
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
A $10,000, 8%, 10-year note payable that pays interest quarterly would be discounted back to its present value by using tables with which one of the following period-interest combinations?
Given the cash flow stream and lump-sum amounts associated with each, and assuming a 9 percent opportunity cost, which alternative (X or Y) and in which form (cash flow stream or lump-sum amount) would you prefer?
which of the following is not part of the underwriting process?the syndicatethe federal reservethe prospectusthe
Diversification in an investment portfolio is a significant concept for creating the highest return for the least amount of risk. To create this diversification portfolio managers consider the covariance and correlation of investments. Explain how..
watson amp holmes sports inc. issued some 5-year 6 mortgage bonds with a face amount of 5000000 to finance a state of
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what are some of the different types of budgets?describe in detail one type of budget covered in the text.describe what
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