Latest Questions & Answers

Q: Where on the asset side of the balance sheet are trading securities

Where on the asset side of the balance sheet are trading securities, available-for-sale securities, and held-to-maturity securities reported? Explain.  

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Q: Jane Ellerby and Sam Callison are discussing the recent fraud that occurred

Jane Ellerby and Sam Callison are discussing the recent fraud that occurred at LowRental Leasing, Inc. The fraud involved the improper reporting of revenue to ensure that the company would have income...

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Q: Equipment was purchased on January 2, 2014, for $24

Equipment was purchased on January 2, 2014, for $24,000, but no portion of the cost has been charged to depreciation. The corporation wishes to use the straight-line method for these assets, which hav...

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Q: Callaway Golf Co. leases telecommunication equipment. Assume the following data

Callaway Golf Co. leases telecommunication equipment. Assume the following data for equipment leased from Photon Company. The lease term is 5 years and requires equal rental payments of $31,000 at the...

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Q: Describe the accounting for actuarial gains and losses.

Describe the accounting for actuarial gains and losses.

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Q: Oxford Corporation began operations in 2014 and reported pretax financial income of

Oxford Corporation began operations in 2014 and reported pretax financial income of $225,000 for the year. Oxford’s tax depreciation exceeded its book depreciation by $40,000. Oxford’s tax rate for 20...

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Q: Identify and briefly describe the two methods generally employed to account for

Identify and briefly describe the two methods generally employed to account for the cash received in situations where the collection of the sales price is not reasonably assured.  

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Q: Discuss why options and warrants may be considered potentially dilutive common shares

Discuss why options and warrants may be considered potentially dilutive common shares for the computation of diluted earnings per share.

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Q: What is the difference between a CPA’s unqualified opinion or “clean

What is the difference between a CPA’s unqualified opinion or “clean” opinion and a qualified one?

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Q: Discuss the similarities and the differences between convertible debt and debt issued

Discuss the similarities and the differences between convertible debt and debt issued with stock warrants.

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