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Essay Questions
1. Identify the differences between accrual accounting and cash basis accounting.
2. How is the profit margin calculated? Discuss its use in analyzing a company's performance.
3. What is the purpose of closing entries? Describe the closing process.
Short Answer Questions
1. On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare a general journal entry to record the $3,700 cash receipt.
2. Complete the following by filling in the blanks: (1) The Prepaid Insurance account had a $455 debit balance at the beginning of the current year; $650 of insurance premiums were paid during the year; and the year-end balance sheet showed $420 of prepaid insurance; consequently, the income statement for the year must have shown $______________ of insurance expense.
3. Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees are paid each Friday. This year the accounting period ends on Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes Company should make to accrue salaries.
Based on your Reading Chapter 5, and the learning activities where you practiced with risks and threats in ecommerce, respond to the checklist items in an informative essay.
during its first year of operations beta company paid 16000for direct material 17000 in wages for production workers
chester amp wayne is a regional food distribution company. mr. chester ceo has asked your assistance in preparing
1. reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
huge inc. has many divisions that are evaluated on the basis of roi. one division alpha makes boxes. a second division
Companies can determine the effect of ending inventory errors on the balance sheet by using the basic accounting equation: Assets = Liabilities + Owner's Equity. How would the over or understatement of inventory impact assets, liability and owner'..
1. what additional information besides simply the variance may be useful to the accountant in evaluating the variance?
1.warner tool company produces class rins to sell to collegeand high school students. these rings sell for 75.00 each
Prepare a schedule of cash collections for January, February, and March and for the quarter in total, Prepare a production budget for January, February, and March and for the quarter in total.
Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
What are the risks to a whistleblower?
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