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Describe how you would treat depreciation in the profit and loss account and balance sheet.
Accounting Basics, Accounting
Question - What is the cash flow statement and why is it an important consideration to both the management, investors and creditors?
Question - Why is net income before tax the most common base used to determine the preliminary judgment about materiality? In what circumstances might the auditor use a different base?
Question: As a small business owner in today's economy: • What three financial reports would you use on a regular basis? • What information would you find on each statement? • What decisions might each statement help you ...
Question - You are the Controller of Harmon Oil, a medium-sized oil exploration company in Texas. It is time to make a forecast of the company's annual earnings. You know that additional losses will be recognized before ...
Question - On August 1, 2018, Alpha Corp. declared 5% share dividends on its common stock when the market value for the common stock was $15 per share. Shareholders' equity before the stock dividend was declared consiste ...
Question - In 2002, the executives at telecommunications giant WorldCom perpetrated accounting fraud that led to the largest bankruptcy in US history. The company improperly booked about $4 billion as capital expenditure ...
Question: An LLC may be taxed in different ways depending on the election made on the Form 8832 Entity Classification Election. Using a minimum of 450 words, explain what an LLC is and some of the advantages of this busi ...
Question - Pina Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Pina should pay $20,180 at the time of purchase and $5,020 at the end of each of the next 8 years. The ...
Question - Sweet Corporation had net sales of $2,429,800 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,452,600, administrative expenses $221,700, selling expenses $289,000, and ...
Question - As a senior Accountant you had just prepared and posted the journal entry that closed the revenue accounts to the income summary Account. You then noticed that your bookkeeper made a tragic error in recording ...
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