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On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january: 1st borrowed 12,000 in cash from midland bank on 4 month 8% 12,000 note 5th sold merchandise for cash 6,510, which includes 5% sales tax 12th provided services for customers who had made advanced payments of 10,000 (credit service revenues) 14th paid state treasurers department for sales tax collected dec 2006, $6,600 20th sold 500 units of a new product on credit at 48$ per unit, plus 5% sales tax During january the company's employees earned wages of 60,000. Withholdings related to wages were 4,590 for soc. Sec' 5,000 for Federal, and 1,500 for state income. The company owes no money related to these earnings for federal or state unemployment. Assume that wages earned during january will be paid during february. No entry had been recorded for wages or payroll tax expense as of jan 31 a. Journalize transactions b. Journalize the adjusting entries at jan 31 for the outstanding note payable and for wages expense and payroll tax expense c. Prepare the current liabilities section of the balance sheet at jan 31 2007. Assume no change in accounts payable.
Determine that the financial statements present fairly in accordance with generally accepted accounting principles.
Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.
Mark Wilson, chief of personnel, has been instructed to increase the hiring of women at the Morton Cement Company.
Make the journal entries to record the following transactions in Hunt Ltd’s records by using perpetual inventory system.
Term Structure of Interest Rates
Explain why a firm like Grate Care might decide to use both residual income and return on investment as measures of performance.
A foreign currency transaction gain will be recognized by a U.S. company when it has a receivable from a foreign company
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
Compute the predetermined overhead rate. Compute the overhead applied. Find out the amount of overhead that is over or under applied.
Discuss the major weakness of performance report. Describe clearly why all the variances for variable expenses are unfavourable (U).
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
As Jonah wades through huge piles of the inventory and questions the team on operations, he quickly identifies the problem. Which of the implemented methods above does Jonah contribute to stacks of inventory?
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