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(a) Construct T-accounts and enter the balances shown.(b) Prepare adjusting journal entries for the following and post to the T-accounts. (Omit explanations.) Open additional T-accounts as necessary. (The books are closed yearly on December 31.)(1) Bad debt expense is estimated to be $1,400.(2) Equipment is depreciated based on a 7-year life (no salvage value).(3) Insurance expired during the year $2,550.(4) Interest accrued on notes payable $3,360.(5) Sales salaries and wages earned but not paid $2,400.(6) Advertising paid in advance $700.(7) Office supplies on hand $1,500, charged to Supplies Expense when purchased.(c) Prepare closing entries and post to the accounts.
Instructions(a) Prepare a complete worksheet.(b) Prepare a classified balance sheet. (Note:$10,000 of the mortgage payable is due for payment in the next fiscal year.)(c) Journalize the adjusting entries using the worksheet as a basis.(d) Journalize the closing entries using the worksheet as a basis.(e) Prepare a post-closing trial balance.
In cost accounting determining the relationships between cost, volume and profit are very important. This assignment will have you use scenarios and goal seek to calculate breakeven and changes in cost and volume.
A company is evaluating a capital project on a new line of business for the firm. The firm's current cost of capital is 12%. However, another firm, whose principal focus is in the same field, is publicly traded and has a beta of 1.6.
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What amount of Sec. 1250 ordinary income must be recognized and will the loss resulting from the destruction of her daughter's pony be used to determine net Sec. 1231 gains or losses? Yes it can be determined
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milt corporation owns and operates two facilities that manufacture paper products. one of facilities is situated in
questionwinner corporation acquired 80 of the common shares and 70 of the preferred shares of first corporation at
Decision making in companies is often facilitated by utilizing cost allocation methods.
Determine the capitalized cost of the coal mine.
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