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Provide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.
Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. this schedule should include columns for beginning balance, increase, decrease and ending balance for each o
A corporation issues $100,000, 10%, 5-year bonds on January 1, 2009, for $104,200. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortiza
Fund accounting is very different from commercial accounting, but has a lot of similarities as well. Discuss the similarities and differences between these two types of GAAP accounting methods.
Jim Junction purchased a truck for business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market val
Assuming that the cash balance at the beginning of the month was $7,450, prepare a statement of cash flows that displays operating, investing, and financing activities and that reconciles the beginn
What is the maximum depreciation in 2009 for a new computer used 80% for business that was acquired on July 2, 2009, for $3,000, assuming that an expense election under Section 179 is not made? This
What is the maximum depreciation in 2009 for a new computer used 100% for business that was acquired on October 1, 2009, for $3,000, assuming that an expense election under Section 179 is not made a
Based on the value of the automobile, the inclusion amounts for 2008, 2009, and 2010 are $313, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net amount can be ded
Calculate the IRR and NPV of this project utilizing a 12% discount rate and a 15% cap rate. Ms. Brown was able to secure a loan for $1,540,000, and an equity investor agreed to invest the remaining
Describe the elements of the Generally Accepted Auditing Standards (GAAS).
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
For 2007 Mossland Corporation reported gross profit $100,000; net income of $24,000; sales $500,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends.
Jim Junction purchased a truck fro business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market val
Write a Memo to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities.
Jan 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incrueed during the company's or
Prepare a table of entities for the Erickson Inc. Erickson, Inc. sells pluming supplies to contractors in the northeast region of the United states.
He also invested an additional $20,000 in the partnership. For 2010, Wayne's gross income from the partnership is:
Based upon GAAP state how if at all the book value of the machine and the obligation should appear on the Dec 31-2007 balance sheet of Mills inc.
In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land
In years subsequent to the upstream intercompany sale of nondepreciable assets, the necessary consolidated workpaper entry under the cost method is to debit the:
In years subsequent to the year a 90% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is computed by multiplying the noncontrolli
Paige, Inc. owns 80% of Sigler, Inc. During 2011, Paige sold goods with a 40% gross profit to Sigler. Sigler sold all of these goods in 2011. For 2011 consolidated financial statements, how should t
In preparing consolidated working papers, beginning retained earnings of the parent company will be adjusted in years subsequent to acquisition with an elimination entry whenever:
In the preparation of a consolidated statements workpaper, dividend income recognized by a parent company for dividends distributed by its subsidiary is: