For each of the following situations, state whether you agree or disagree with the financial reporting practice employed, and briefly explain the reason for your answer.
the controller of the dumars corporation increased the carrying value of land from its original cost of $2 million to its recently appraised value of $3.5 million.
the president of vosburgh industries asked the company controller to charge miscellaneous expense for the purchase of an automobile to be used solely for personal use.
at the end of its 2020 fiscal year, dower, inc., received an order from a customer for $45,350.
the merchandise will ship early in 2021. because the sale was made to a long-time customer, the controller recorded the sale in 2020. at the beginning of its 2020 fiscal year, rossi imports paid $48,000 for a two-year lease on warehouse space.
rossi recorded the expenditure as an asset to be expensed equally over the two-year period of the lease.
the reliable tire company included a note in its financial statements that described a pending lawsuit against the company.
the hughes corporation, a company whose securities are publicly traded, prepares monthly, quarterly, and annual financial statements for internal use but disseminates to external users only the annual financial statements.

Which type of market are you in if your company, along with three other companies, controls 95 percent of the total music industry?

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal.supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal.prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal.insurance expensejan. 31 bal. 164 164 jan. 31 bal.wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal.wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal.truckjan. 31 bal. 17,376 17,376 jan. 31 bal.accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal.a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year.c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

When used-car dealers signal the quality of a used car with a warranty, a. buyers believe the signal because the cost of a false signal is high b. it is not rational to believe the signal because some used-car dealers are crooked c. the demand for lemons is eliminated d. the price of a lemon rises above the price of a good used car because warranty costs on lemons are greater than warranty costs on good used cars