COMM 2010 Lecture Notes - Lecture 6: Gift Card, Interest Expense, Doghouse
11 Mar 2017
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Balance sheet presentation: us gaap vs. ifrs. What resources does a company recognize as assets: asset. Definition: a probable future economic benefit that a company controls because of a past event or transaction: criteria for recognition: sufficient reliability. Company ________________ use of the item past transaction or exchange. Right to use item comes from a _________________________ Rainbolt ranchers signed a contract to employee its skilled group of ranch hands that have been trained to take care of the cattle for the next 3 years and pay each one ,000/year. Rainbolt ranchers invests ,000 in research to develop a new strain of cattle feed that can be produced from cottonseed. Rainbolt ranchers purchases and receives a new tractor costing ,000. Rainbolt ranchers pays the ranch next door ,600 in advance for the right to graze his cattle on his neighbor"s fields for the next three months. Rainbolt ranchers exchanges common shares for feedstock from a local supplier.
