Entries by mary WAMBUGU

Boyce and Bonnie have owned their home, now worth $300,000, for 15 years, and they are proud of the fact that they just recently paid off the original 15-year mortgage. Bonnie was a stay-at-home mom,

September 10, 2019 in /by

1.    Boyce and Bonnie have owned their home, now worth $300,000, for 15 years, and they are proud of the fact that they just recently paid off the original 15-year mortgage. Bonnie was a stay-at-home mom, but Boyce lost his job two years ago and is still looking for a new job. Bonnie found a part-time […]

 

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Scott and Sally own a boat, which they purchased several years ago for $60,000 and use for recreational purposes. They had it appraised earlier this year for insurance purposes at $40,000,

September 10, 2019 in /by

Scott and Sally own a boat, which they purchased several years ago for $60,000 and use for recreational purposes. They had it appraised earlier this year for insurance purposes at $40,000, but they had not yet obtained the insurance coverage when a severe storm damaged the boat. After the storm, Scott and Sally had the […]

 

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1. List in summary form the FASBs 5-Step Revenue Recognition Model prescribed in ASC606.

September 10, 2019 in /by

1.  List in summary form the FASBs 5-Step Revenue Recognition Model prescribed in ASC606. 2.  Given the following scenarios, can/should a firm recognize revenues?  Yes or No, and why or why not?  And discuss any journal entries required in each case. Refer, when possible, to the FASBs 5-Step Revenue Recognition Model from Question 1. a.  […]

 

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3. The following information is available for the Pension Plan of Robinson Company for the 2016 Calendar Year: Actual and expected return on plan assets for 2016 $12,000

September 10, 2019 in /by

3.  The following information is available for the Pension Plan of Robinson Company for the 2016 Calendar Year: Actual and expected return on plan assets for 2016 $12,000 Benefits paid to retirees $40,000 Contributions to the fund made by the Company $90,000 Prior service cost amortization $10,000 Projected benefit obligation, January 1, 2016 ####### Interest/discount […]

 

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