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Supplies on hand at June 30 are $631.
A utility bill for $175 has not been recorded and will not be paid until next month.
The insurance policy is for a year.
$2,543 of unearned service revenue has been earned at the end of the month.
Salaries of $1,997 are accrued at June 30.
The office equipment has a 5-year life with no salvage value. It is being depreciated at $295 per month for 60 months.
Invoices representing $1,005 of services performed during the month have not been recorded as of June 30.
(a) Prepare the adjusting entries for the month of June.
All else being equal, when the capital gains tax rate is less than an investor's personal marginal tax rate would the individual prefer that the firm issue dividends or allow the share price to appreciate? Why?
Roland had a taxable estate of $5.5 million when he died this year. (Reference the tax rate schedule in Exhibit 25-1 and the Unified Credit schedule in Exhibit 25-5 to answer this problem. Omit the "tiny_mce_markerquot; sign in your response).
Gold Company was experiencing financial difficulties, but was not bankrupt or insolvent. The National Bank, which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000.
in january, Reyes Tool and Dye requisitions raw material for production as follows: Job 1 $900, job 2 $ 1,200, job 3 $700, and general factory use $600.
Write a 2- to 3-page memo to the file, evaluating the merits of the position taken by the IRS. Use the IRAC Tax memo format: Issue, Ruling, Analysis, and Conclusion.
Suppose your grandparents have just given you $20,000 on the situation that you invest the money in the stock market. As you contemplate making your investment choices;
What is the rate of return on common stockholders' equity if sales are $100,000, net income is $22,700, and average common stockholders' equity is $86,000?
Preparation of Cash flow statement and computing net cash flow, From the following selected data, compute:
For inadequacies in internal controls describe the financial statement misstatements that may arise, and describe how they may occur.
If Primrose could lower its inventories and receivables by 10 percent each and increase its payables by 10 percent, all without affecting either sales or cost of goods sold, what would the new CCC be, how much cash would be freed up, and how would..
A parcel of land is offered for sale at $148,000, is assessed for tax purposes at $110,000, is recognized by its purchasers as being worth $138,000, and is purchased for $135,000. The land should be recorded in the purchaser's books at:
The fair market value of Sky Tech's depreciable assets was $15 million in excess of their book value. For this year, Sky Tech reported a net income of $75 million and delacred and paid $15 million in dividends. What is the amount of purchased good..
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