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1. The accounting equation is assets = liabilities + owner's equity. Please explain the relationship between economic resources and claims to economic resources. Why must this equation always balance? What transactions increase or decrease owner's equity? How does net income or loss affect owner's equity? Please give an example of a transaction, applied to the accounting equation.
2. There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are the differences between each method? How does each method affect the balance sheet and the income statement? What do I mean when I say that inventory costing methods are not related to the physical flow of inventory? Please give an example.
lance company an accrual basis corporation reported taxable income of 1560000for 2013. included in the computation were
Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income..
Public service Indiana (PSI) is considering two sites fora nuclear power plant. The following two attributes willinfluence its determination about where to build the plant. Which location should be chosen?
atlas co. allows select customers to make purchases on credit. its other customers can use either of two credit cards
orange co. sold red co. merchandise on account fob shipping point 110 net 30 for 11021. orange co. prepaid the 295
For what purposes did the AICPA in 1959 create the Accounting Principles Board?
Assume that you wish to purchase a 25-year bond that has a maturity value of $1,000 and makes semiannual interest payments of $45.
The book values and fair values of Barney's assets and liabilities were as follows:
there is a retail store selling dvds. this business is relatively simple with approximately the same contribution
Comprehensive income. Net income for 2010 is $26,000; no amortization of gain or loss is necessary in 2010.
you purchased a robot for 200000 installed and you depreciated it using a 5 year macrs. in year 4 you sold the robot
Compute the net income to be earned under each alternative and course of action will produce the highest net income?
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