Balance Sheet Notes Preparation and Discussion Odette A. Aquino Pérez‚ Desireé González And Edwin Reyes ACC 545 February 19‚ 2015 Prof. Rafael Marrero‚ PhD‚ MBA‚ CPA Footnotes Preparation and Discussion This week paper requires our team to prepare three notes to the balance sheet and income statement. Also‚ request us to discuss why footnotes are useful and important to financial statements. Below we have included the requested footnotes (prepared based on our experience working with a CPA Firm
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ACC 302 Project 02/28/2013 Ch. 12 a) P&G reported intangibles such as goodwill‚ brands‚ patents and technology‚ and customer relations on its 2009 financial statements and notes. b) Research and development costs were expensed in 2009 for $2‚044 and in 2008 for $2‚212. R&D costs were 2.6% (2‚044/79‚029) of sales revenue in 2009 and 2.7% (2‚212/81‚748) in 2008. In 2009 the R&D costs were 15% (2‚044/13‚436) of net income and 18 %( 2‚212/12‚075) in 2008. (in millions) Ch. 13 a) P&G’s short term
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Can Exercise Truly Make One Smarter TV shows‚ movies‚ have all used the theme of “brains versus brawn.” As a result many people believe that they are exclusive to one or the other. Many believe that to become strong you work out and to become smart you study. They are always separate activities and the ways in which a person builds up either are very different and exclusive to what they would like to become. This leads to the belief that when one exercises their body the only thing bulking up is
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ACCT553 Week 3 Homework - Solutions _________________________________________________________ Chapter 7 1. In your "own" words‚ please describe what a "Suspended Loss" is‚ how it is generated and when it is becomes deductible. (5 pts) Suspended losses are created when losses from passive activities exceed income from passive activities in a tax year. Those excess losses are "suspended" (i.e. disallowed and carried forward to a future date). Those losses can be deducted against future income
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Name of student:_________________ 9 Activity-Based Costing Review Question Answers 9-4 It will require more work. Significant amounts of indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume‚ process steps‚ batch size‚ or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is
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Week 5 Due Monday July 25‚ 2011 Organizations must ensure the security and control of systems and transactions with clients and vendors. What security breaches may cause harm to an organization or its clients? Why is it important to ensure a proper level of security? What tools are available to prevent breaches? When the Internet becomes part of the organization network‚ the organization information system is more vulnerable to hackers (Laudon). The fixed Internet address creates a fixed target
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Final Project The first article I choose was “Charter Schools”. The issue with this article was that there are certain people who are against charter schools and some agree with charter schools. On one side there’s the people who think charter schools should be shut down because they do not teach the same traditional way as other public schools; on the other side there are people that think charter schools are great because they have small classes with less students and that students can learn
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The credit card data theft at TJX Companies is considered one of the worst ever. The case is significant because of a lack of appropriate security and control. Resources: Ch. 7 & 12 of Essentials of Management Information Systems Answer the following questions in 200 to 300 words: • List and describe the security controls in place. Where are the weaknesses? • What tools and technologies could have been used to fix the weaknesses? • What was the business effect of TJX’s data loss
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ACC290 – Principles of Accounting I – Final Exam Study Guide 2012 Remember to check out ACCNerd.com for the latest updates! 1. Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2. In terms of sequence‚ in what order must the four basic financial statements be prepared? A. Balance sheet‚ income statement‚ statement of cash flows‚ and capital statement
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Week 2 DQs and Participation Questions Week 2 Discussion Question #1 What are the differences among valuation‚ depreciation‚ amortization‚ and depletion? Is it appropriate to calculate depreciation using two different methods? Why? Which depreciation method provides you the highest depreciation expense in the first year? Why? Valuation refers to the asset being recorded and disclosed at current market price regardless of whether that price is above or below cost. Depreciation is the allocation
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