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The bookkeeper for Forseth Company asks you to prepare the following accrual adjusting entries at December 31.
(a) Interest on notes payable of $300 is accrued.
(b) Service revenue earned but unbilled totals $1,700.
(c) Salaries of $780 earned by employees have not been recorded.
Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable.
Gammell, Inc. reported net income of $40,000 for 2009. The income tax return excluded a revenue item of $3,000 (reported on the income statement) because under the tax laws the $3,000 would not be reported for tax purposes until 2010. Assuming a 3..
revenues are normally recognized when the delivery of goods or services has occurred there is persuasive evidence of an
on december 31 2004 the account unearned rent revenue had a balance of 3300 on the books of joliet corporation after
Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
On November 30, 2011, Just in Thyme, Inc. issued $10,000 of 20-year, 9% bonds at 100. The bonds pay interest semiannually on May 31 and November 30. How much cash did Just in Thyme receive when the bonds were issued?
chi omega sorority is planning its annual riverboat extravaganza. the extravaganza committee has assembled the
What amount related to the bonds will LHD report in its balance sheet at December 31, 2009 for bonds payable? What amount of interest expense related to the bonds will LHD report in its income statement for the year ending December 31,2010?
Compute the activity-based overhead rates using the following budgeted data for each of the activity cost pools. Activity-based overhead rates Designing $ per designer hour Sizing and cutting.
joint-cost allocation. elsie dairy products corp. buys one input full-cream milk and refines it in a churning process.
is it appropriate for banks and savings associations to estimate an allowance for pass loans and for credit unions to
Lobster industry 2008, price diagnosed. In Chapter 18, Exercise 35 (Lobster industry 2008), we constructed the fol- lowing regression model to predict the Price of lobster har- vested in Maine's lobster fishing industry.
dime a dozen diamonds makes synthetic diamonds by treating carbon. each diamond can be sold for 140.00 the materials
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