Identify the accounting concept that was violated in each of the following: 1. Tequila...
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Accounting
Identify the accounting concept that was violated in each of the following: Tequila Mockingbird purchased land two years ago at a price of $ Because the value of the land has appreciated to $ the company has valued the land at $ in its most recent balance sheet. Catcher in the Rye has not prepared financial statements for external users for over three years. Anchor Management Bar and Grill sells restaurant and bar equipment. Revenue from a large order of equipment from a new buyer was recorded the day the order was received. Cat Benatar is the sole owner of a company called Bar None. The company recently paid a $ utility bill for Benatars personal residence and recorded a $ expense. Brews Brothers, Inc. purchased a large beer fermenter for $a material amount and recorded the purchase as an expense. Wish You Were Beer is involved in a major lawsuit involving injuries sustained by some of its employees in the bar. The company is being sued for $ a material amount, and is not insured. The suit was not disclosed in the most recent financial statements because no settlement had been reached.
Identify the accounting concept that was violated in each of the following:
Tequila Mockingbird purchased land two years ago at a price of $ Because the value of the land has appreciated to $ the company has valued the land at $ in its most recent balance sheet.
Catcher in the Rye has not prepared financial statements for external users for over three years.
Anchor Management Bar and Grill sells restaurant and bar equipment. Revenue from a large order of equipment from a new buyer was recorded the day the order was received.
Cat Benatar is the sole owner of a company called Bar None. The company recently paid a $ utility bill for Benatars personal residence and recorded a $ expense.
Brews Brothers, Inc. purchased a large beer fermenter for $a material amount and recorded the purchase as an expense.
Wish You Were Beer is involved in a major lawsuit involving injuries sustained by some of its employees in the bar. The company is being sued for $ a material amount, and is not insured. The suit was not disclosed in the most recent financial statements because no settlement had been reached.
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