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Principles of Financial Accounting, Chapter 4
Preparation of Closing Entries
P 1. Affordable Trailer Rental rents small trailers by the day for local moving jobs.
This is its adjusted trial balance at the end of the current fiscal year:
Required
1. From the information given, record closing entries in journal form.
2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?
Non-manufacturing fixed costs for March equal $36,000 of which half are salaries. Salaries are expected to increase by 5% in April. The only variable non-manufacturing cost is sales commission equal to 1% of sales revenue.
Prepare a lease amortization schedule for the entire lease period for the firm. (Round upyour figures to whole numbers).
What should Campbell record as a net deferred tax asset or liability for the year ended Dec 31 2011 assuming that the enacted tax rates in effect are 40% in 2011 and 35% in 2012?
Sandy and Louis Roman filed a joint income tax return for 2010. For each of the items or events listed below, indicate which are includible in gross income by checking the boxes next to those that are includible.
S W Metals Corporation issues 1,000 shares of $100 par common stock for equipment. Prepare the journal entry for this transaction
Use the Excel file to answer the following questions. You will need to create various pivot tables to get the necessary subtotals to answer the questions. How does each salesperson's performance vary by quarter? I noticed that the quarter and year au..
While she was a college student, angel lived by a bookstore located near campus. she thinks a bookstore located on the other side of campus would be successful. she incurs expenses of 42,800 (legal fees, accounting fees, marketing survey, etc.) in ex..
Describe the appropriate means of reporting each situation and explain your reasoning and is this practice ethical -Provide arguments both for and against.
1. on january 1 2013 moose co. purchased for 360000 a patent that had been granted two years earlier. on january 1 2015
For 2010 Stoneland Corporation reported net income $26,000; net sales $400,000; and average shares outstanding 6,000. There were preferred stock dividends of $2,000. What was the 2010 earnings per share?
On January 1, 2014, professor Credit Unions (PCU) issued 8% 20-years bonds payable with face value of 500,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds is 109.
In the past, the 10 persons employed in the production of Fruta consisted of 4 senior workers and 6 assistants. During June, the company experimented with 5 senior workers and 5 assistants. Would you recommend that the new labor mix be continued?
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