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The following are selected transactions of Ricks Auto Part. Ricks prepares financial statements semi annually.
Jan 1 Purchased merchandise on account from Autocraft, $15,000, terms 1/5, n/eom.Feb 1 Issued a 15%, 6 month, $15,000 note to Autocraft in payment of account.Feb 20 Purchased supplies from Mobil Oil paying $400 in cash and signing a 8%, 2 month, $1,500 note.Apr 20 Paid face value and interest on Mobil Oil note.Jun 1 Accrued interest for 6 months Autocraft note.July 5 Borrowed $30,000 from Bankers Bank by issuing a 4 month, 10% note .Aug 1 Paid face value and interest on Autocraft note.Nov 5 Paid face value and interest on Bankers Bank note.
Instructions:
Prepare journal entries for the above transactions and events.
a. What are the amounts and character of Tom's recognized gains or losses? b. What is Tom's basis in the Total stock and notes? c. What is Total's basis in the property received from Tom?
Why aren't actual overhead costs traced to jobs just as direct materials and direct labor costs are traced to jobs? Also, how are overhead costs assigned to jobs?
During the year, Krisiten holds two jobs. After an eight-hours day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job.
Determine which of the following is not one of the four conditions that normally must be met for revenue to be recognized according to the revenue principle for accrual basis accounting
Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November.
Which of the following is not a difference between financial accounting and managerial accounting?
At the beginning of 2011, VHF Industries acquired a machine with a fair value of $6,074,700 by signing a four-year lease. The lease is payable in four annual payments of $2 million at the end of each year.
Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.
Medical Instruments produces a variety of electronic medical devices. Compute the materials variances for silver tubing and comment on their meaning.
Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is:
Prepare a correct trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
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