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The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the product, should you go ahead and do so? What is the most that you should pay to complete development?
Purpose the journal entries needed in the Capital Projects Fund to account for the above transactions. Manage closing entries.
Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.) (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Income statement preparation using contribution and Absorption Costing - Prepare two income statements, one using the contribution approach and one using the absorption approach.
Explain why the issuing corporation charged its bond investors for interest accrued in April 2011, prior to the issuance date ( see part b above).
Determine the income from the business, excluding the profit on the sale of the tugboat?
Multiple choice questions on intangible assets, net income and ratios - classification errors by an accountant and would have an effect on net income of the current year?
On July 15, 2011, M.W. Morgan Distribution sold land for $36 million that it had purchased in 2006 for $25 million. Illustrate how would the above amount differ if the company were using indirect method?
Find out the amount that RIM invested in capital assets for that year. Assume a seven-year life and a 12% internal rate of return. What is the amount of cash flows that RIM must earn on these new projects?
Expected payments and scheduled enacted tax rates are as follows: Prepare one compound journal entry to record Gore's provision for taxes for the year 2009.
Briefly indicate the practical and conceptual reasons for the conclusion reached by the Financial Accounting Standards Board on accounting and reporting practices for research and development costs.
What are the two kinds of implied warranties for which warranty liability can be imposed in connection with a negotiable instrument and what kind of personal defenses can he raise against enforcement of a negotiable instrument by an ordinary holde..
Why does an intra-entity sale of a depreciable asset (such as equipment or a building) require subsequent adjustments to depreciation expense within the consolidation process?
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