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1. At December 31, the end of the reporting period, the analysis of a loss contingency indicates that an obligation is only reasonably possible, though its dollar amount is readily estimable. During February, before the financial statements are issued, new information indicates the loss is probable. What accounting treatment is warranted?
What are reversing entries? Why are reversing entries needed? What would be the impact if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?
stan sweeney turned 20 years old today. his grandfather established a trust fund that will pay mr. sweeney 80000 on his
First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Calico Corners makes to record this sale.
huge inc. has many divisions that are evaluated on the basis of roi. one division alpha makes boxes. a second division
trumpet company produced 4800 units of product that required 2.3 standard hours per unit. the standard variable
GAU reports under IFRS and revalues
manuel transmission sells transmissions with a 1 year warranty in 09the company sold 1ooo manual transmissions with
1. on december 1 martin company signed a 5000 3-month 6 note payable with the principle plus interest due on march 1 of
knoke corporations contribution margin ratio is 29 and its fixed monthly expenses are 17000. if the companys sales for
On January 1, 2014, Whitefeather Industries issued 300, $1,000 face value bonds. The bonds have a five-year life and pay interest at the rate of 10%. Interest is paid semiannually on July 1 and January 1. The market rate of interest on January 1 w..
tsuchiya corporation manufactures a variety of products.last year the companys variable costing net operating income
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