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1. A friend comes to you with the following plight: "I'm confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative and it is also increased with a debit. I don't get it." How can you straighten out your friend?
2. Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your answer.
3. York Inc. manufactures notebook computers and has experienced noticeable declines in the purchase price of many of the components it uses, including, computer chips. Which inventory costing method should York use if it wants to maximize net income? Explain your answer
Eastern University pays the benefit directly to the university where the staff/faculty member's child is enrolled or if the student is attending Eastern, it reduces the amou
For each of the following three accounting choices, indicate the decision that will yield (a) a higher net profit margin and (b) a lower current ratio. If the decision does no
The important dates in connection with a cash dividend of $112,750 on a corporation’s common stock are October 6, November 5, and December 5. Journalize the entries required o
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Assuming the Periodic System and FIFO, calculate Cost of Goods Sold and Ending Inventory. Assuming the Periodic System and LIFO, calculate Cost of Goods Sold and Ending Invent
Return to the facts of problem. Assume that Maysa bought $5,000 par value of Rondo Corporation bonds for $4,500. The bonds pay 8% interest annually. Three years later, the p
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Prepare the annual closing entries for Billings Merchandisers using the partial adjusted trial balance shown below. A physical count at yearend determined that inventory at
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