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Accounting homework help

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ACCT 567 MID TERM

(TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points : 5)

 

 

The following (given in scrambled order) are accounts and balances from the accounting records of Alleg, Inc., as of December

The following (given in scrambled order) are accounts and balances from the accounting records of Alleg, Inc., as of December 31, 2012, after the books were closed for the year. 

International Accounting

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CLO2

On January 1, 2013, King Corporation paid $705,186 to acquire 10% bonds with a face value of $750,000. The discount of $44,814 provides an effective yeld of 11%. King Corporation uses the effective-interest method and plans to hold these bonds to maturity.

CLO1

 Parson Corporation had 500,000 shares of common stock outstanding on January 1, issued 100,000 shares on October 1, and had income applicable to common stock of $730,000 for the year ended December 31, 2013.
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