There was a change in the depreciation methods on assets. The depreciation policy for financial reporting purposes was changed to a straight-line method from a principally accelerated method. There was a change in the use of last-in‚ first-out (LIFO) liquidation in inventory valuation. There was a change in the allowance for doubtful accounts. The company adjusted its allowance for doubtful accounts to 6.7% of sales for 1984 from 10% of sales in 1983. There was change in the R&D expenses
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E1-5 Cougar’s Accounting Services provides low – cost tax advice and preparation to those with financial need. At the end of the current period‚ the company reports the following amounts: Asset – 19000; Liabilities – 15000; Revenues – 28000; Expenses = 33000 Required: 1. Calculate net loss. 2. Calculate stockholders’ equity at the end of the period. Net loss *Revenues – Expenses = (5000) Stockholders * Assets – Liabilities = 4000 E1-6 Cash 5400 Salaries expense 2200 Accounts payable 3400
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. What is PRC GAAP? | Generally accepted accounting principles ("GAAP") of the People’s Republic of China ("PRC") come from a number of sources‚ majority of which represent the laws and regulations issued by the Ministry of Finance ("MOF")‚ and‚ listed company disclosures issued by the China Securities Regulatory Commission ("CSRC"). | | 2. What is IFRS? | International Financial Reporting Standards ("IFRS")‚ often known the original International Accounting Standards ("IAS")‚ are a set
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CGC1/ATO1 Additional Study Questions The following list of questions has been developed as a supplement to the Course of Study and Learning Resources for CGC1 and or ATO1. As you begin working through the textbooks try to answer the questions below in detail. This will provide you with a note-taking tool and a review document at the end or your studies. These questions relate to concepts that will be most likely be tested on the actual assessment. Current Tax System Why do we have an income
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Differences Between GAAP and IFRS The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte‚ 2004). On February 24‚ the SEC unanimously agreed to publish a statement
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Bentley University Value Creation Team Project Operations Analysis GB 214 Marketing and Operations Fundamentals Team 5 Anh Nguyen‚ Josh McDonough‚ Sam McDonald‚ John McPadden‚ Suzette Schand‚ Darnel Pittman Bravo February 10‚ 2015 Company Overview “Neutrogena is a $1.6B franchise and a Top 3 consumer brand for Johnson & Johnson (J&J) globally.” Neutrogena was founded by Emanuel Stolaroff in 1930 as Natone. Natone 1 began as a small suppli
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1. Business United Small Business Telecom (USB Telecom) is a telecom company that offers mobile services to medium businesses. This company develops products to help small business owners in their day to day activities; the applications will enable them to do their business efficiently with speed‚ and reliability. Mobile consumers have grown enormously and most of the business is done via mobile and its going to expand heavily in future. USBT customers will be able to report any service outage issues
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Math for Business and Finance‚ HIT 105 Examination Number (06044200) ANSWERS TO EXAMINATION 1) Bank Balance 2‚950.00 Less outstanding ck# 124 (1‚080.00) Less outstanding ck# 138 (720.00) Add deposit in transit 3‚200.00 Adjusted Bank Balance 4‚350.00 Book Balance 4‚010.00 Less bank fee for checks (12.00) Less bank fee for NSF (18.00) Less ATM withdrawal (30.00) Add Broom note collected 400.00 Adjusted Book Balance 4‚350.00 2) 5E+7P = 85 P = 15-E 5E+7(15-E)
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greater analysis capabilities‚ and simplified reporting mechanisms for welfare‚ equal opportunity employment‚ and government tax credit programs. (Kleiman‚ 2006) The acceptance of automated systems is already taking place. Target‚ Wal-Mart‚ Exxon‚ Walgreen‚ Home Depot already have some systems in place. These are your competitors for great employees - just as much as Chevron‚ the Exxon‚ The Flying J Truck Stop‚ and Circle K. (Kleiman‚ 2006) Disadvantages of Automated Hiring Systems * Computers
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ACC231 – Fall 2014 – Exam 2 Practice Preview - KEY Fall 2014 ⋅ Copyright © School of Accountancy‚ Arizona State University 1. What is the gain or loss on the sale of equipment that originally cost $20‚000‚ has $14‚000 of accumulated depreciation and is sold for $11‚000? a. $9‚000 loss b. $23‚000 loss c. $5‚000 gain d. $3‚000 loss 2. On February 1‚ 2014‚ Bob Inc.‚ has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable -- $330‚000; Allowance for
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