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On July 1, 2012, Herzog Mining lends cash and accepts a $9,000 note receivable that offers 10% interest and is due in nine months. How would Herzog record the transaction on April 1, 2013, when the borrower pays Herzog the correct amount owed?
Describe the current costing system and list the potential weaknesses of this system regarding product costing accuracy and cost control and describe the proposed ABC system, the benefits from using it and why those benefits occur.
ShurShot Sports gets a special order for 10,600 basketballs at $29 each from Greek Basketball Association (GBA). Acceptance of order would increase variable selling and administrative expenses
Calculate the contribution margin for each pet house and calculate the monthly break-even units for each pet house. Ignore the sales commission for this computation.
Assume also that in November 2013 Mike's home was burglarized. Mike's antique music box collection held for investment was stolen. Mike's basis in the collection was $8,000 and it was worth $15,000 at the time it was stolen.
Identify factors that may influence the choice of measurement approach. Discuss how the measurement approach adopted impacts on the quality of accounting information produced.
Analyze the accounting for corporation requirements related to stock valuation, dividends, and retained earnings and determine how to value investments and how to report them based on that valuation.
Prepare an Excel format to show how you are evaluating things. Provide detailed information of profitability by product and for year. Then make precise recommendations with financial projections.
Distinguish normal and actual cost
Compute the amount of gross profit from the sales in July and prepare journal entries to record the following July transactions and events.
Evaluate a consolidated statements workpaper
How much profit or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any profit or loss? If so, how much? What is Shawna's basis in her LLC interest?
Outline any ethical issues involved in Mr Smith taking the trip. Relate any ethical issues directly to the facts of the business case and outline any benefits to Practical Solutions Pty Ltd of Mr Smith taking the trip.
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