Leases SFAS 13, November 1976 “Accounting for Leases” Lease classification criteria (A) Ownership transfer –> Ownership is transferred by the end of the lease term
Business Combinations SFAS No. 141R, Revised in December 2007 “Business Combinations” FSP FAS 141R-1, April 2009 “Accounting for Assets Acquired and Liabilities Assumed in a
Asset Retirement Obligations SFAS 143, June 2001 “Accounting for Asset Retirement Obligations” AICPA SOP 96-1 “Environmental Remediation Liabilities” Asset retirement obligation –> an obligation related
[Q1] The entity collected $800 from the accounts receivable that had been written-off in the past. Prepare a journal entry to record this transaction. [Journal
[Q1] The entity concludes that $1,200 of its accounts receivable cannot be collected in the future, because the customer liquidated the business. Prepare a journal
[Q1] The entity estimates that $2,000 of its accounts receivable may be uncollectible. Prepare a journal entry to record this transaction. [Journal Entry] Debit