Week 1‚ DQ 1: How would you describe the entries to record the disposition of accounts receivables? What is their function? Since the majority of US thrive on the use of credit cards‚ the accounts receivables for a company may no longer be on a cash-to-cash basis. A company may need to sell these accounts to other companies who specialize in handling accounts receivables if they need cash more quickly or if it would be too costly to perform the necessary billing to collect on the account. The
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ACC565 Week 6 Discussion 1 and 2 Name Course University 5/14/2014 Discussion 1 "Partnership Tax Year" Please respond to the following: The IRC restricts the choices for a partnership‘s tax year to prevent the deferral of tax. This causes most partnerships to adopt a calendar year for tax reporting. From the e-Activity‚ create a scenario using a fiscal tax year which allows a partnership to defer taxes that meet the requirements of Sections 706 and 444 of the IRC. Suggest at least one
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Sandra Wilson Week 2 Discussion 1 Dreams Do Come True Imagine that you have decided you need a new car‚ but not any car will do; you have decided to purchase the car of your dreams. Conduct some research as to the cost of this car. You have determined in this imagined scenario that you could afford to make a 10% down payment. You can borrow the balance either from your local bank using a four-year loan or from the dealership’s finance company. If you purchase from your dealership’s finance
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paperwork of ECO 561 Week 2 Discussion Question 4 you will find the next information: As a student‚ what opportunity costs do you confront by enrolling in University of Phoenix’s MBA program? Does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities? For your organization‚ are opportunity costs fixed costs‚ variable costs‚ both‚ or neither? Economics - General Economics ECO 561 Week 1-6 Everything Icluded
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Comparing and contrasting current and noncurrent Troy Martinez ACC/400 September 25‚ 2010 Debra Latimore University of Phoenix Comparing and contrasting current and noncurrent What are current assets? Current assets are also known as liquid assets. The most common of current assets can be found in the Accounts Receivables department. They can be found in the form of invoices. Current assets are any assets that can be turned into cash in less than a year. Other
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The allowance method tries to match the written off account with the period in which the sale was made. There are three essential accounting features to the allowance method: 1. Uncollected debt for accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollected debt are debited to bad debts expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. 3. Allowance for Doubtful
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February 2010 the Securities Exchange Commission (SEC) issued statements of support of the convergence in IFRS and U.S. GAAP. The FASB intends to analyze each of the differences within the scope and either (1) amend applicable U.S. GAAP literature to reduce or eliminate the difference or (2) communicate to the IASB the Board’s rationale for electing not to change U.S. GAAP. Concurrently‚ the IASB will review IFRS and make similar determinations of whether to amend applicable IFRS or communicate
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| | Multiple Choice Question 49 | | | | Your answer is correct. | | | Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? | Reduced legal liability for investors. | | Harder to transfer ownership. | | Lower taxes. | | Most common form of organization. | | | | | Multiple Choice Question 64 | | | | Your answer is correct. | | | The group of users of accounting information charged with
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• Exercise E13-5 • Exercise E13-6 • Exercise E13-9 The comparative balance sheets of Nike‚ Inc. are presented here. NIKE INC. Comparative Balance Sheets May 31 ($ in millions) Assets 2007 2006 Current assets $8‚076 $7‚346 Property‚ plant‚ and equipment (net) 1‚678 1‚658 Other assets 934 866 Total assets $10‚688 $9‚870 Liabilities and Stockholders’ Equity Current liabilities $2‚584 $2‚612 Long-term liabilities 1‚079 973 Stockholders’ equity 7‚025 6‚285 Total liabilities
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Technological Integration for Progress ACC/542 Technological Integration for Progress Kudler Fine Foods (“The Company ’) has experienced impressive growth over the past few years and it has become apparent that a custom software package that integrates real time inventory with real time financial data. Associates‚ CPAs ‚ at The Company ’s request‚ have evaluated several aspects of the The Company‚ including but not limited to financial statements‚ inventory management systems and interdepartmental
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