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Kim presently owns a business that processes and distributes fresh vegetable to local supermarkets. She is looking to expand her business by acquiring the Lackawaxen Emu Oil Company, a manufactures of makeup and beauty products contain emu oil. Kim looks over the financial statements of Lackawaxen and notice that the number of day's sales in inventory is five times higher than in her fresh vegetable business. Kim contacts her accountant Justin Maul, CPA, and asks him to look into this matter further. Justin informs Kim that she shouldn't be concerned with the difference in the number of day's sales in inventory between her fresh vegetable business and the emu-oil-based beauty products business. Explain why Justin Maul wasn't concerned.
Obtain the relevant authoritative literature on accounting for accounts receivable using the FASB's Codification Research System at the FASB website. What is the specific citation
What are the components or materials used by Accounts receivable departments? Ans) Accounts Receivable department is very vital department of the company. The responsibilities o
budgeting?
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must
Q. Prepaid expenses and deferred charges? Prepaid expenses, deferred charges -- assets already paid for, which are being used up or willexpire. Insurance paid for in advance is
If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu
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