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Kramer has two primary bank accounts. At December 31, 2012, one of these accounts had bank overdrafts that caused the balance to have a negative balance of 100,000. The other bank account had a balance greater than 500,000. Kramer recorded the 100,000 overdraft as a liability. 1) What would the entry be using US GAAP?2) What would be the entry using IFRS?
Management has decided to get a detailed report based on an intensive investigation of the financial position of the sales department, production department and development and research department.
Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Suppose new instruments for a firm cost $18,000 with an additional installation fee of $2,000, both of which are depreciable. Complete the depreciation schedule shown below using the Modified Accelerated Cost Recovery System (MACRS) 3-year class.
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
Your posts are very good and state that management should focus on the success of the business rather than managing income to their benefit. This gets into ethics, where if you keep doing the right thing you will reap the benefits with bonus's and..
Fluent an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: US Series EE bonds, bonds for industrial dev..
In determining the initial accounting for leases for both the lessee and the lessor?
Is the WACC an average concept or a marginal concept in your opinion? Should we use the historical WACC or the marginal WACC as the appropriate rate to use in capital budgeting analyses?
On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Prepare the closing entries for the temporary accounts at December 31.
Using a present value table, calculator, or a computer program present value function, calculate the present value for the following: (Use appropriate factor(s) from the tables provided.)
From an employer's point of view, what is preferred a defined contribution plan or a defined benefit plan. What are the cash ramifications as well as reporting requirements?
Partners bob and don have agreed to share profits and losses in an 80:20 ratio respectively, after bob is allowed a salary allowance of $140,000 and don is allowed a salary allowance of $70,000. if the partnership had net income of $140,000 for 20..
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