FinAcc1-2 - 1.

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1. The new car should be charged against the president and debited to receivable from officer,  because the car is for personal use.      4 2. The entry is incorrect because no revenue shall be recognized until a sale has taken place. 3. Purchased goodwill should be recorded as an asset. Under the new standard, goodwill is not  amortized anymore but on each balance sheet date it should be assessed for impairment. Problem 1-19 1.  Accrual 2.  Going concern 3.  Accounting entity 4.  Monetary unit 4. Time period
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        5 CHAPTER 2 Problem 2-1 Easy Company Statement of Financial Position December 31, 2008 A S S E T S Current assets:        Note    Cash and cash equivalents 800,000    Accounts receivable 450,000    Inventories    900,000    Prepaid expenses           (1)             200,000          Total current assets
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This note was uploaded on 08/04/2011 for the course COMM 101 taught by Professor Sy during the Spring '11 term at USC.

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FinAcc1-2 - 1.

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