Can you help me get started with this assignment? 1. Explain the difference in owner's liability for the general business debts of a limited liability company (LLC) and a limited liability partnership (LLP). 2. What is the difference between an interpretive regulation and a legislative regulation? 3. What is the tax b
What are the advantages of matching maturities of assets and liabilities? What are the disadvantages?
In the course of your initial audit of the financial statements of Sylvan Company, you determine that of the substantial amount of accounts payable outstanding at the close of the period, approximately 75% is owed to six creditors. You have requested that you be permitted to confirm the balances owing to these six creditors by c
The Houston Company borrows $200,000 on August 7 with a year note at 5% interest. Prepare the journal entry to record the proceeds from the note, the accrued interest at 12/31 assuming all the interest is made at year end. The Houston Company also has a 10 year long term note at an initial value of $1,000,000, 5% interest/ye
How are deferred tax assets and deferred tax liabilities derived? How do they relate to the difference between tax expense and taxes payable? How could an organization have a tax receivable? Why is the tax expense reported on the income statement comprised of current and deferred tax?
Our partnership is not doing well and we have decided to liquidate our partnership. Partners 2 is concerned. Tribbs has plenty of money, partner 1 is personally bankrupt. The partnership sells the apartment building for $165,000, which is a loss from its book value of $189,000.
Presented below are three business transactions. list the letters (a), (b), (c) with columns for assets, liabilities, and stockholders' equity. For each column, indicate whether the transactions increased (+), decreased (−), or had no effect (NE) on assets, liabilities, and stockholders' equity. (a) Purchased supplies o
Your help is needed. Listed below are annual balance sheets for ExxonMobil and Wal-Mart. ExxonMobil Annual Balance Sheet Assets $Mil Liabilities and Equity $Mil Cash 37,734.00 Current Liabilities 54,804.00 Other Current Assets 49.01
On Jan. 1, 2006 the ledger of Shumway software co. contains the following liability accounts. Accounts payable: $42,500 Sales Taxes payable: 5,800 Unearned service revenue: 15,000 During January the following selected transactions occurred. Jan. 1: Borrowed $15,000 in cash from Amsterdam bank on a 4 month 8%, $15,000 n
Please help with the following problem. Provide step by step calculations. Cardinal Co. has the following obligations at Dec. 31st: (a) a note payable for $100,000 due in 2 yrs., (b) a 10 yr mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts
Please show work and follow GAAP unless otherwise stated The following selected transactions relate to contingencies of Eastern Products Inc. which began operations in July, 2006. Eastern's fiscal year ends on December 31. Financial statements are published in April 2007. (a) No customer accounts have been shown to be unco
_____ 17. Which of the following internal control procedure that is usually applied to accounts payable? A. Periodic confirmation of accounts payable B. Mailing statements to vendors detailing their account C. Periodic aging of accounts payable D. Reconciliation of vendor statements with accounts paya
What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term? Generally accepte
Rubotics Corporation issued $1,000,000 of 6.5%, 8-year bonds dated June 30, 20X5, with semiannual interest payments on December 31 and June 30. The bonds were issued on June 30, 20X5, for $1,033,750, Rubotics Corporation's year-end is December 31. a) Were the bonds issued at a premium, a discount: or at par? b) Was the mar
At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and owners' equity of $836. During the year, assets increased $74 and liabilities decreased $38. Liabilities at the end of the year totaled?
Write out a strategy for leaving your job and starting a business that will compet with your old employer. What simple steps can you take to avoid a lawsuit? What potential liabilities do you face?
Other accrued liabilities - payroll. The following summary data for the payroll period ended on December 31, 2004, are available for Visquel and Associates.
The text describes the following accounting elements: assets, liabilities, owners' equity, capital stock, retained earnings, revenues, expenses, and dividends. Which of these elements are increased by a debit entry, and which are increased by a credit entry? Give a transaction for each item that would result in a net inc
If the liabilities of a company is 1/3 of the total assets- what is the amount of the liabilities (the owner's equity is $300,000)
What are different kinds of signature liabilities? Explain please. Thank you.
The following trial balance of Rosen Corp. at December 31, 2004 has been properly adjusted except for the income tax expense adjustment. Rosen Corp. Trial Balance December 31, 2004 Dr. Cr. Cash $ 875,000 Accounts receivable (net) 2,695
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation: Increase an asset and increase a liability. Increase one asset and decrease another asset. Decrease an asset and decrease owner's equity. Decrease an asset and decrease a liability. Incr
13. (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2004, Salt-n-Pepa Inc. became involved in a tax dispute with the IRS. Salt-n-Pepa's attorneys have indicated that they believe it is probable that Salt-n-Pepa will lose this dispute. They also bel
What are the party liabilities under the imposter rule and fictitious payee rule?
1. Chris Rock believes a current liability is a debt that can be expected to be paid in one year. Is Chris correct? Explain. 11. Describe the two major obligations incurred by a company when bonds are issued. 25. You are a newly hired accountant with Schindlebeck Company. On your first day, the controller asks you to iden
The home depot is the the Worlds largest home improvement retaier and one of the largest retailes inthe US based on net sales volume. The home depot operates over 1,100 home depot stores that sell a wide assortment of building materials and home improvement and lawn and garden products.The home depot also operates over 25 EXpo D
Why do organizations need to account for contingent liabilities?
Listed below are a number of financial statement captions. Indicate in the spaces to the right of each caption (1) the category of each item, and (2) the financial statement(s) on which the item can usually be found. Category -------- Assets: A Liabilities: L Owner's Equity: OE Revenue: R Expense: E Gain: G Loss: LS
The amounts of the assets and liabilities of Inkjet Supply Co. as of December 31, 19X4, and the revenues and expenses of the company for the year ended on that date follow. The items are listed in alphabetical order. Accounts payable........................................................................$12, 000 Accounts r
Prepare one sheet with the column headings as below. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount, and indicating whether it is an addition, (+) or a subtraction