MC 13.10 – Reunion BBQ
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given notes payable, and the amount expected to refinance… find what should be on the balance sheet.
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Given notes payable, and the amount expected to refinance… find what should be on the balance sheet.
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Given the amount of weeks employees get of vacation time, how much they get paid for those weeks, and the number of employees… find how much should be reported for compensated absences.
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Given the amount in sales along with the warranty for each year… find the year 2 warranty that should be reported.
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Given the deposits received from customers, and the mark-up percentage… find the forfeited deposits.
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Given notes payable, prepaid notes, and the bond offering… find current liabilities.
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Given notes payable and the amount they can borrow… find what the balance should be.
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Given the gain contingency and the loss contingency… find the net assets.
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Given that there’s a chance that a customer wins a case, gives you the numbers in the best and worst-case… find the liability amount that should be accrued.
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Given the expected warranty as a percentage of net sales, the net sales, and the replacement cost… find the warranty expense on the income statement.
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Given the amount of a loan, the months of credit issued, and the promissory note percent… prepare journal entries for the issuance of the note along with determining the effective interest rate.
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