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answer the following multiple-choice questions1 gaap stands fora governmental auditing and accounting practicesb
appleton used to operate her business as a sole trader entity she has recently converted it into a limited liability
annual reports normally include an income statement statement of changes in equity balance sheet and statement of cash
on may 15 gruziks outback clothiers borrowed some money on a 4-month note to provide cash during the slow season of the
after the accounts are closed on september 10 2008 prior to liquidating the partnership the capital accounts of mark
adjusting entries the ledger of duggan rental agency on march 31 of the current year includes the following selected
if a 6 10-year 800000 bond is issued at face and interest is paid annually what is the amount of the interest payment
now that she is selling mixers and her customers can use credit cards to pay for them natalie is thinking of upgrading
irina company was organized on january 1 during the first year of operations the following plant asset expenditures and
hidden lakes company purchased a delivery truck the total cash payment was 30020 including the following
deutsch company incurs these expenditures in purchasing a truck cash price 24000 accident insurance during use 2000
these expenditures were incurred by patnode company in purchasing land cash price 60000 accrued taxes 5000 attorneys
you are comparing two companies in the same industry you have determined that morris corp depreciates its plant assets
after closing on december 31 2010 direct delivery company ddc had 9200 of assets 4000 of liabilities and 1400 of common
johnstone company acquires the land and building owned by briggs company what types of costs may be incurred to make
a summary of cash flows for webster consulting group for the year ended july 31 2008 is shown belowcash receiptscash
the following independent situations require professional judgment for determining when to recognize revenue from the
bob martin pa collected cash on account from a client for whom the business had provided delivery services one month
braxton corp was organized on january 1 2010 to operate a limousines service to and from the airport for each of the
on july 1 2012 ryhn co pays 12400 to craig insurance co for a 2-year insurance contract both companies have fiscal
some companies employ technologies that allow them to do a so-called virtual close this enables them to close their
campbell soup co had the following assets and liabilities in millions as of august 3 2003assets 6205liabilities 5818a
valumart a large national retail chain is nearing its fiscal year-end it appears that the company is not going to hit
charles shivers and gong zhao are partners who share in the income equally and have capital balances of 120000 and
phil eubanks engaged in the following activities in establishing his photography studio picture this1 opened a bank