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February 25, 2009, 2009, Gabriel Madway wrote an article titled Apple Investors Get No Satisfaction on Jobs” which appeared on Reuters.com. The article raises concerns about Steve Jobs’s health and the possible reoccurrence of his pancreatic cancer. The following excerpt is taken from the article: Jobs—who co-founded Apple and is credited with transforming it into […]

Nature of Liabilities Nature of Liabilities Presented below is the current liabilities section of Micro Corporation. Answer the following questions. (a) What are the essential characteristics that make an item a liability? (b) How does one distinguish between a current liability and a long-term liability?   Nature of Liabilities (c) What are accrued liabilities? Give […]

Liability Entries and Adjustments Listed below are selected tran Liability Entries and Adjustments Listed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage […]

Loss Contingency Presented below is a note disclosure for Matsui Litigation and Environmental: The Company has been notified, or is a named or a potentially responsible party in a number of governmental (federal, state and local) and private actions associated with environmental matters, such as those relating to hazardous wastes, including certain sites which are […]

Loss Contingencies: Entries and Essay on November 24, 2010, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9,000,000 were filed on January 11, 2011, against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel […]

The Town of Quincy’s fiscal year ends on June 30. The Town of Quincy’s fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2012. Prepare journal entries for each of the dates as indicated. a. The balance in deferred property tax revenue […]

A-Plus Learning Centers was established on March 20, 2008, to A-Plus Learning Centers was established on March 20, 2008, to provide educational services. The services provided during the remainder of the month are as follows: Mar. 21. Issued Invoice No. 1 to J. Dunlop for $70 on account. 22. Issued Invoice No. 2 to K. […]

Accounting Multiple Choices 1. (TCO 5) Control can be defined as (Points : 3) the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan. a quantification of plans, stated in either physical or financial terms or both. identification of corporate objectives. a comprehensive financial […]

Accounting Misc. Problems Fin 500 1. At the current time Warren Industries can issue 15-year, $1,000 par-value bonds paying annual interest at a 12% coupon rate. As a result of current interest rates, the bonds can be sold for $1,010 each. Flotation costs of $30 per bond will be incurred in the process (which implies […]

Accounting MCQs_Solution_Accounting MCQs_Solution_14 Nov The following facts pertain to questions 1 and 2: The Scepter Shop recorded October sales of $185,000. All sales are cash. Their one store is in an area with a 7.5% sales tax rate. Cost of goods sold for these sales amounted to 112,000. The Scepter Shop must pay its sales […]