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Discussion Questions 1 and 2
DQ #1:Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why, or why not?
DQ #2:Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?
Analyze several of your peers' posts. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance.
Data for five comparable income properties that sold recently are shown below: What is the indicated overall rate (RO)
the following data are available for quarter company. increase in accounts payable 120000 increase in bonds payable
Whaley Distributors is a wholesale distribytor of eletronic components. Financial statements for the year ended December 31, 2014 and 2015, reported the following amounts and subtotales ($ in millons):
Pooled fluid breakdown. Use the 30- and 35-kV samples in Table 4.1 and the results of Problem 7.1. Assume the true Weibull shape parameter ß is the same at both voltages.
crossroads mall had 100000 outstanding shares of common stock. on june 16 2012 crossroads repurchased 20000 shares of
question 21 figure 4-1. foster company makes power tools. the budgeted sales are 420000 budgeted variable costs are
Using the gross price method, prepare journal entries to record Stevens Company's purchases if it pays on July 18.
Under what conditions is an employer permitted but not required to accrue a liability for sick pay?
How many units must be sold to break even if variable selling costs are $2 per unit, variable production costs are $31 per unit, and total fixed costs are $1,799,946?
On November 1, 2015, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at discount for $191,000, and make semiannual payments on April 30 and October 31.
What should you, the controller, do - What are the generally accepted accounting principles (GAAP) for reporting a lease as a capital lease?
Required: Given rectifying entries and prepares a suspense account.
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