ALL homework assignments must be completed by using some type of computer software program, e.g., word.
CREDIT WILL BE GIVEN FOR LATE HOMEWORK.
When completing your homework assignments DO NOT
use abbreviations, e.g., spell out Governmental Accounting Standards Board instead of simply writing GASB.
discussed during class, you can work on these homework assignments in groups or as an individual.
Identify the name of the accounting pronouncements that each of the following standard-setting bodies
DO NOT ABBREVIATE!!
Committee on Accounting Procedure
Accounting Principles Board
Financial Accounting Standards Board
Pederson Company’s balance sheet as of 12-31-09 is presented below:
Property, plant, and equipment – at cost
Accrued property taxes payable
Common stock and additional paid-in-capital
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
During the year ended 12-31-10, Pederson entered into the following events/transactions:
Issued 2,000 shares of its common stock at $20 per share.
Assume there were NO stock issuance costs.
Repaid $200,000 of its long-term debt.
Used up $150,000 of its prepaid insurance.
Purchased $100,000 of office furniture (property, plant, and equipment) on a cash basis.