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Royal Carpet Cleaning provided $90,000 of services during 2011, its first year of operations. All customers paid for the services with major credit cards. Royal submitted the credit card receipts to the credit card company immediately. The credit card company paid Royal cash in the amount of face value less a 3 percent service charge. Remember: On the Balance Sheet: Assets = Liability + Equity On the Income Statement: Revenue - Expenses = Net Income Fill in the table and answer questions: Balance Sheet Event: Cash + Accounts Receivable = (?) + Retained Earnings Income Statement Event: Revenue (?) - Expenses (?) = Net Income (?)
The cash and securities comprising a sinking fund established to redeem bonds at maturity in 2015 should be classified on the balance sheet as:
abc ltd is in the business of providing management consultation services in parnell area. abc bought a property on 1
Anil, a single taxpayer, acquired 100 shares of Section 1244 stock in 2003 for $200,000. In 2010, Anil sold all of the shares to William for $50,000. How should Anil treat the loss?
as a student of accounting it is important to understand what triggers the preparation of consolidated financial
Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $40,000, or a deferred bonus of $75,000 payable in 10 years.
at the beginning of 2013 pitman co. purchased an asset for 900000 with an estimated useful life of 5 years and an
What amounts of the current general business credit and carryovers are utilized against the 2008 income tax liability? What is the amount of unused credit carried forward to 2009?
what are the three main components of the stl?what is the difference between an stl container and an stl iterator?what
if the materials price varies is 600 f and the materials quantity and labor variances are each 450 u what is the total
Identify the optimal assignments and compute total minimum time.
1. xyz co. received 3000 in payments from clients for services billed in a previous month. which accounts will be
Discuss the relationship between the amounts on the adjusted trial balance for an account and its ledger? Discuss the relationship of the adjusted trial balance and the amount on the financial statements?
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