1Mariah Frahm ACC442-T301 Financial Auditing SAS Research Project
1. Explain the purpose of the clarity project.
CONSOLIDATE INTO ONE SHEET, ONE SIDE
Current liabilities usually less than one year.
Stock dividends are part of SE, not liability.
Interest bearing notes record @ face value.
Zero IBN record @ face value, interest to discount
Revenue Recognition Principle: companies should recognize revenue (1) when it is realized or realizable, and
(2) when it is earned.
Accounting Issues: (1) sales with discounts (2) sales with extended payment terms (3) sales with right of return
Webb Corp.sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances related to this plan.
Projected Benefit Obligation
Accumulated OCI (PSC)
During 2012, Nilson Company started a construction job with a contract price of $1,600,000. The job was
completed in 2014. The following information is available:
Costs incurred to date
Estimated costs to complete
On January 1, 2013,Clownfish Corporation had 7,500,000 shares of common stock outstanding. On March 1, the corporation issued 2,500,000 new shares to raise additional capital. On May 1, the corporation declared and issued a
3-for-1 stock split. On August