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(Purchase Commitments) Prater Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2013, at an agreed price of $400,000. At December 31, 2013, the raw material had declined in price to $375,000.
Instructions
What entry would you make on December 31, 2013, to recognize these facts?
Last year, Katt Co. reduced the carrying amount of its long-lived assets used in operations from 120,000 to 100,000, in connection with its annual impairment review. During the current year, Katt determined that the fair value of the same assets h..
Research and analyze the accounting system of your selected country; present results in a brief paper.
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
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Prepare a differential analysis report, dated June 15 of the current year(2009), on whether the equipment should be leased or sold.
Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June 18; the entry is made in the buyer's accounts on ..
Sweet Dreams manufactures candy. Its records revealed the following.
1. What effects does stock-based compensation have on the financial statements of an entity? 2. How does this affect the investor's opinion of a company? 3. What advantages or problems due to you see with this type of payment?
Describe the three broad types of IRS audits. Give an example of an issue that each type of audit might address, and indicate how frequently such audits are conducted by the IRS.
recording transactions affecting the enterprise fund and business-type activitiesthe city water utility is owned and
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