Please explain how software development costs are treated. How is this different from other types of R & D? Please differentiate between activity-based and time-based cost allocation methods. What would be an appropriate asset to use for each method? What…
Yummy, Inc. is a franchiser that offers for sale an exclusive franchise agreement for $30,000. Under the terms of the agreement, the purchaser of a franchise receives a variety of services associated with the construction of a Yummy Submarine and…
Piggot Construction Company purchased a pickup truck. They bought the truck three years ago for $28,000 and put it on the books as a four year piece of equipment using straight line depreciation. They assigned a salvage value of $8,000.…
On March 1 the price of gold is $990 and the December futures price is $1,015. On November 1 the price of gold is $980 and the December futures price is $981. A gold producer entered into a December futures…
On April 1, 2014, Rasheed Company assigns $517,200 of its accounts receivable to the Third National Bank as collateral for a $344,000 loan due July 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables.…
What are the major problems caused by worldwide accounting diversity for a multinational corporation? Think of practical problems like costs of compliance and mastering the subtleties of accounting in new countries, the potential mixed messages that might be sent to…
The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction: A.increased a liability account and increased liabilities. B.decreased cash and increased expenses. C.increased assets and increased owners’ equity.…
Use the Internet to research two (2) publically traded U.S. companies, and download their financial statements. Assume you are the CEO of a major corporation. You are responsible for expanding the corporation through the acquisition of another company. Assume that…
Some of the Scientists argue that accomplishing the goal of sustainability includes controlling the size of the world’s population. Others believe the consumer – oriented lifestyle common to the developed nations is the bigger problem. Yet a third group believes…
Roberta is an accountant employed by a local firm. During the year, Roberta incurs the following unreimbursed expenses: Item AmountTravel to client locations $750 Subscriptions to professional journals 215 Taking potential clients to lunch 400 Photocopying 60 a. Identify which…
