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David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest
Management accounting is not as important in the government as it is in private sector, since the government does not have to worry about earning a profit. Do you agree? Discuss. Your discussion mus
Lobster Company had a beginning inventory on January 1 of 150 units of Product BU-54 at a cost of $20 per unit. During the year, the following purchases were made. Determine the cost of goods availa
Discuss what the general rules under US GAAP are for this transaction. Relevant literature is SOP 97-2 (ASC 985-605), Software Revenue Recognition. When, and how much, revenue is recognized by JK So
Which one is not a main objective of the Sarbanes-Oxley Act?
On January 1, 2009, Boston Company purchased a heavy duty machine having an invoice price of $13,000; Boston paid transportation and installation costs totaling $3,000. The machine is estimated to h
When calculating diluted EPS at December 31, 2013, what will be the net increase in the denominator of the EPS fraction if the market price of the common shares averaged $11 per share during 2013?
No dividends were declared on either the preferred or common stock in 2012 or 2013. Net income for 2013 was $1,652 million. The income tax rate is 40%. Calculate earnings per share for the year ende
Why are measures of "service efforts and accomplishments" of more concern for government and not-for-profits than for business?
Change of mind gives gallery a $1m surprise and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured
The prevailing rate of interest for a note of this type was 7% on February 22, 2011, 7.5% on December 31, 2011, 7.7% on February 22, 2012, and 8% on December 31, 2012. What interest rate should be u
Knowing that companies need to distribute operating costs across different segments of the business, what suggestions would you, as a financial manager, make to address what can sometimes seem like
Consider the complexities of forecasting cash flow. Take the perspective of either a small business owner or a finance manager at a large corporation. Identify at least three variables that can affe
Assume that both the Board Division and the Consumer Products Division have idle capacity. Under these conditions, would rejecting the $400 price be advantageous for the company as a whole, or would
A government permits its employees to accumulate all unused vacation days and sick leave. Whereas (in accord with current standards) it may have to "book" a liability for the unused vacation days, i
A private citizen makes an unrestricted pledge of $5 million to a city's museum. The city is confident that the donor will fulfill her pledge. However, the cash will not be received for at least two
What is a committed fund balance in a governmental funds balance sheet? How does it differ from a restricted fund balance?
Do you believe that Jack Atchison's close relationship with Lincoln and Charles Keating prior to his leaving Arthur Young was proper? Why or why not? After Joining Lincoln's parent company ACC, shou
the amount of the principal and interest is also treated as expenditures. This appears to reduce the net financial resources by twice the cost of the fixed asset. Discuss these transactions and thei
A government accounts for inventory on the purchase basis. Why must it offset the year-end inventory balance with an entry to non-spendable fund balance?
Governments are not required to accrue interest on long-term debt in governmental funds, even if the interest is applicable to a current period and will be due the first day of the following year. E
For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions.
How should Wesley determine the amount of compensation expense related to the compensatory stock options, if any, that should be recognized in its income statements for 2003, 2004, and 2005? Why?
Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31.
A company owns 10% bonds with a par value of $162,000 that pay interest on October 1 and April 1. The bonds were purchased on October 1st. The amount of interest accrued on December 31 (the company'