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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
1) Explain to him the rules of debits and credits for the balance sheet and income statement.
2) Provide examples from the manufacturing industry of:
a) a journal entry that would be recorded that impacts the balance sheet.b) a journal entry that would be recorded affecting the income statement.
3) Please provide the assumptions behind the transactions and the full journal entries.
Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year. What amount of drawings was made?
Explain/discuss the value of the stage-gate process of new product development-What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
A company expected its annual overhead costs to be $900,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent..
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
A corporation that has both preferred and common stock has a deficit in accuulated earnings and profit at the beginning of the year. The current earnings and profits are $25,000.
What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.
XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Prepare an income statement based on variable costing.
Journal entries and trial balance On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month
Common stockholders are most concerned with the spread between the return generated onnew investments and the investors required rate of return
Suppose that the total cost for your current year in college equals $20,000. Approximately how much would your parents have required to invest twentyone years ago in an account paying 8 percent compounded annually to cover this amount?
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
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