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VidGam, a consulting firm, has just completed its first year of operations. The company sales growth was explosive. To encourage clients to hire its services, VidGam offered 180-day financingmeaning its largest customers do not pay for nearly 6 months. Because VidGam is a new company, its equipment suppliers insist on being paid cash on delivery. Also, it had to pay up front for 2 years of insurance. At the end of the year, VidGam owed employees for one full month of salaries, but due to a cash shortfall, it promised to pay them the first week of next year.
Explain how cash and accrual accounting would differ for each of the events listed above and describe the proper accrual accounting.
Assume that at the end of the year, Vidgam reported a favorable net income, yet the company's management is concerned because the company is very short of cash. Explain how Vidgam could have positive net income and yet run out of cash.
Determine Debbie's and Elizabeth's realized gain or loss, recognized gain or loss, and the basis in their new property.
lehman corporation purchased a machine on january 2 2011 for 2000000. the machine has an estimated 5-year life with no
find the sustainable and internal growth rates for a firm with the following ratios asset turnover 2.00 profit margin
You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax retur..
The charter of a corporation provides for the issuance of100,000 shares of common stock. Assume that 40,000 shares wereoriginally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding?
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
Ralite Company had net income for the year of $20 Million. It had 2 Million sharees of comon stock outstanding, with a year-end market price of $82 a share. Dividends during the year were $5.74 a share.
Swanson's fiscal year ends on December 31. Prepare the following journal entries: a. April 1, 2009, to record the issuance of the bonds.
Prepare journal entries to record, Jan. 10 sold 102,000 shares of commone stock for $8 cash per share. Jan 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,..
General Motors Corp. is the world's largest automaker and has led the auto industry worldwide in sales since 1938. GM employs over 324,000 people worldwide, with manufacturing operations in 32 countries and sales operations in 200 countries.
Lowman Corporation sells only one product with a selling price of $200 and a variable cost of $80 per unit. The company's monthly fixed expense is $60,000.
During the fiscal year of June 2012, Lincoln General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions.
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