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Fortune Co. receives $30,000 cash in advance for four months of legal services on October 1, 2011, and records it by debiting Cash and crediting Unearned Revenue, both for $30,000. It is now December 31, 2011, and Fortune has provided legal services as planned. What adjusting entry should Fortune make to account for the work performed from October 1 through December 31, 2011?
If Kelly deposits $10,000 into an account that pays 8 percent interest, compounded annually, and she makes no further deposits or withdrawals, how much will Kelly have in her account at the end of 5 years?
A company purchased property for $100,000. The property included a building, a parking lot and land. The building was appraised at $62,000; the land at $45,000 and the parking lot at $18,000. The value of the land to be recorded in the accounting ..
Assuming there are no antidilutive securities, what is the number of shares Feterik should use to compute diluted earnings per share for the year ended December 31, 2011?
The distribution consists of $75,000 cash and property with an adjusted basis to the partnership of $20,000 and a fair market value of $25,000. Immediately before the distribution, Wendy's adjusted basis for her partnership interest is $90,000. We..
In which building would you recommend that Brubaker Inc. locate, assuming a 12% cost of funds?
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If variable costs decrease by $1 per unit, the new breakeven point is:
Swanson's fiscal year ends on December 31. Prepare the following journal entries: a. April 1, 2009, to record the issuance of the bonds.
Cost is $17,000 and Fair Value is $16,000; Security B; Cost is $22,000 and Fair Value is $26,000; Security C; Cost is $34,000 and Fair Value is $29,000.Instructions: prepare the adjusting entry for Otto Corporation on December 31, 2009 to report t..
Which notion recognizes that mere appreciation in value does not necessarily mean that the owner has the resources to pay the tax associated with the appreciation..
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?
Madison Industries is a manufacturer of sweaters. The information for March is as follows: Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's asset in that country. If expropriation is reasonably possible, a loss contingency should be:
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