)What was the last official pronouncement of the Financial Accounting Standards Board in the year 2011? Briefly describe the pronouncement in your own words

B. One of the company?s major customers filed for Chapter 11 bankruptcy protection on February 15, 2012. The company cited ?general economic conditions? As the reason. As of December 31, 2011, the customer owed the client $28,000. The company controller was not aware of any financial difficulties...

The brandy company acquires $1400 cash from creditors and $1,800 cash from investors (stockholders). The company then has an operating loss of $2,000 cash and goes out of business, a) what amount of cash will brandy's creditors receive? b) What amount of cash will brandy's investors...

If a company has a trial balance including these accounts: Merchandise inventory $17,500; Purchases $149,400; Sales $200,000; Freight-in $4,000; Sales Returns & Allowances $4,000; Freight-out $1,000; and Purchase Returns & Allowances $2,000. The ending merchandise inventory is $25,000. How would...