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S Myra invested $7,500 cash in business during 2009 (the Dec 31, 2008 credit balance of the S Myra Capital Account was $125,100). Myra Co is required to mail a $6,000 payment on its long term notes payable during 2010.
Required:
1) Prepare the income statement and the statement of owner's equity for the calendar year 2009 and the classified balance sheet at Dec 31, 2009.
2) Prepare the necessary closing entries at Dec 31, 2009.
3) Use the information in the financial statements to calculate these ratio's: (a) return on assets (total assets at Dec 31, 2008, were $200,000, (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.
On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.
Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost:
What adjustments should be made to net present value to account for inflation?
The stock has a beta equal to 0.75. The risk-free rate is 5.0%, and the market risk premium is 5.5%. The stock's dividend is expected to grow at some constant rate g. The stock currently sells for $50 a share. Assume that the market is in equilibr..
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
Which of the following would most likely use a job order costing system? ... most likely use a job order costing system?
Oxford Corporation began operations in 2012 and reported pretax financial income of $220,800 for the year. Oxford's tax depreciation exceeded its book depreciation by $36,800. Oxford's tax rate for 2012 and years thereafter is 30%.
Salter Inc.'s unit selling price is $50, the unit variable costs are $35, fixed costs are $125,000, and current sales are 10,000 units. How much will operating income change if sales increase by 5,000 units?
Explain and justify the difference between the treatment of estimated uncollectible taxes in fund accounting and the treatment of estimated bad debts in commercial accounting.
Which one of the following varies between the equity, initial value and partial equity methods of accounting for an investment in a subsidiary?
A taxpayer, who uses the cash method of accounting for tax purposes, received income in 1989, 1990, 1991 and 1992 for illegal espionage activities performed in 1985.
Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
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