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Adjusting Entries for Prepaid Insurance
The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,700. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
A. The amount of insurance expired during the year is $16,450
Insurance Expense _____________
Prepaid Insurance _______________
B. The amount of unexpired insurance applicable to future periods is $5,250.
Insurance Expense ____________
Prepaid Insurance _____________
Jo invested $63,000. A portion earning a simple interest rate of 5% per year and the rest earning a rate of 7% per year. After one year the total interest earned on these investments was 3890 dollars. How much money did he invest at each rate?
q on 1st january 20x8 alaska corporation acquired mercantile corporations net assets by paying 160000 cash. balance
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Natale transfers to Window Corporation depreciable machinery originally costing $ 23,000 and now having a(n) $ 18,000 adjusted basis. In exchange, Natale receives all 75 shares of Window stock having a(n) $ 22,000 FMV and a three-year Window note hav..
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Prepare an income statement, using the single-step form, and a statement of owner's equity using the data (below) from the ledger of Morrison Co. after adjustment at September 30, 2011
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During 2014, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2013 and 2012 (Williamson’s first year of operations) under FIFO was $178,800 and $195,800, respectively.
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