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A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $27; transportation-in on inventory purchased, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
Pacific has the following account balances as of Feb 1. Western pays $2,020,000 in cash. An additional $20,000 is paid in direct combination costs. For each of the following accounts, determine what balance will be included in a Feb 1 consolidatio..
Chi Corporation trades an asset with a book value of $20,000 for another asset with a fair market value of $15,000. Find out Chi s cost to record the new asset from the exchange.
Determine that the financial statements present fairly in accordance with generally accepted accounting principles.
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of $300,000.
Fitzgerald Company wrote checks totalling $17,080 during October and $18,650 during November. What was the amount of outstanding checks on November 30?
Case Study Question: As a reviewer of BC Securities Commission, you're in the procedure of reviewing the financial statements of public companies.
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
Prepare an inventory purchase budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultants estimate.
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
Supposing the county has incurred $800,000 of construction costs on the project by end of its fiscal year (June 30,20x5), the fund balance of capital projects fund employed to account for this project would be?
At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Rent Expense in the form of a journal entry.
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