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Essay Questions
1. Identify the differences between accrual accounting and cash basis accounting.
2. How is the profit margin calculated? Discuss its use in analyzing a company's performance.
3. What is the purpose of closing entries? Describe the closing process.
Short Answer Questions
1. On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare a general journal entry to record the $3,700 cash receipt.
2. Complete the following by filling in the blanks: (1) The Prepaid Insurance account had a $455 debit balance at the beginning of the current year; $650 of insurance premiums were paid during the year; and the year-end balance sheet showed $420 of prepaid insurance; consequently, the income statement for the year must have shown $______________ of insurance expense.
3. Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees are paid each Friday. This year the accounting period ends on Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes Company should make to accrue salaries.
these financial statement items are for whitnall corporation at year-end july 31 2012. salaries and wages payable 2080
a corporation has the following budgeted operating results for 2012revenues 10000 units at 50500000variable
On its December 31, 2010, balance sheet, Trump Co. reported its investment in available-for-sale securities, which had cost $600,000, at fair value of $550,000. At December 31, 2011, the fair value of the securities was $585,000. What should Trump..
one company purchases all of the outstanding shares of another company. the acquiring company incurs the following
orange inc. sells a learnit-plus software package that consists of their normal learnit math tutorial program along
yesterday bank had the following activities traceable costs and physical flow of driver units activities traceable
Suppose a company has 5 different capital budgeting projects from which to choose, but has constrained funds and cannot implement all of the projects. Explain why comparing the projects' NPVs is better than comparing their IRRs.
Prepare a multiple-step income statement.
type your quesa companys current net operating income is 17200 and its average operating assets are 95000. the companys
hartzog corporations most recent balance sheet and income statement appear belowstatement of financial position
Dalyrymple Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $80,000. The budgeted number of nozzles to be inserted is 40,000. What is the budgeted indirect cost allocation rate for this act..
lavage rapide is a canadian company that owns and operates a large automatic carwash facility near montreal. the
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