• Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report
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ACC 509 Case 5-2 Response Justin Tammany Grennell Farm Income Statement (Sales/Delivery Method) ------------------------------------------------- Year Ending December 31‚ 2009 Sales Revenue $522‚000 Less Expenses Cost of Sales 92‚340 Wages 72‚500 Insurance 4‚500 Taxes 32‚500 Depreciation 28‚500 Other 45‚000 Total Expenses 275‚340 ------------------------------------------------- Net Income $246‚660 Grennell Farm Balance
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ASSIGNMENT 4 WEEK 3 SAMUEL GEORGE Financial Accounting / CHAPTER 4 | | | | | P4-1A | Thomas Magnum began operations as a private investigator on =anuary 1‚ 2008. The trial balance columns of the worksheet for THOMAS =AGNUM‚ P.I.‚ INC. at March 31 are as follows. | THOMAS MAGNUM‚ P.I.‚ =NC. | Worksheet | For the Quarter Ended March 31‚ =008 | | Trial Balance | | | | Account Titles | Dr. | Cr. | Cash | 11‚400 | | Accounts Receivable | 5‚620 | |
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the end of June compare with that at the beginning of June. 3. Why do retained earnings not increase by the amount of the June Net Income? 4. As of June 30‚ do you feel that Maynard Company is worth the amount in Shareholders’ Equity‚ $619‚446? Explain. 1 Adapted from Maynard Company (A)‚ Robert Anthony‚ Harvard Business School Exhibit 1 Maynard Company (A) 2013 Account Balances June 1 June 30 $ 6‚517 20‚015 21‚798 26‚505 1‚974 2‚202 156‚000 157‚950 Accumulated
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organizational forms? 2. What does the phrase limited liability mean in a corporate context? 3. Which organizational forms give their owners limited liability? 4. What are the main advantages and disadvantages of organizing a firm as a corporation? 5. Explain the difference between an S corporation and a C corporation. 6. You are a shareholder in a C corporation. The corporation earns $2 per share before taxes. Once it has paid taxes it will distribute the rest of its earnings to you as a dividend
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Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals‚ chiefly dogs and cats. At the end of 2011‚ the organization had the following account balances: [pic] .:. The following took place during 2012: 1. Additional supplies were purchased on account in the amount of $15‚000. 2. Unconditional (and unrestricted) pledges of support were received totaling $95‚000. In light of a declining economy‚ 5 percent is expected to be uncollectible. The remainder
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| | Final Project ACC-101 | | Comprehensive Problem 2 Guitar Universe‚ Inc. P388 GUITAR UNIVERSER‚ INC. | Trial Balance | December 31‚2009 | Cash | $45‚000 | | Marketable securities | $25‚000 | | Accounts receivable | $125‚000 | | Allowance for doubtful accounts | | $5‚000 | Merchandise inventory | $250‚000 | | Office Supplies | $1‚200 | | Prepaid insurance | $6‚600 | | Building and fixtures | $1‚791‚000 | | Accumulated depreciation |
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1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received
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issues raised by the transformation from U.S. Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS) in the timber industry. I will cover the following topics: different accounting treatment under U.S. GAAP and IFRS‚ the influence on investment decisions‚ Plum Creek’s reason for the opposition against transformation‚ and conclude with my preferred accounting treatment under different roles. ACCOUNTING TREATMENT The concern is mainly on recognition
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Competition in the Movie Rental Industry in 2008: Netflix and Blockbuster Battle for Market Leadership 2. What forces are driving changes in the movie rental industry and are the combined impacts of these driving forces likely to be favorable or unfavorable in term of their effects on competitive intensity and future industry profitability? -The economy is one of the reasons why rental industry went down. Less people are able to rent a lot of movies. -Second and main reason that drives
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