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Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical count of inventory determines that merchandise inventory on hand is $13,300.
Instructions:
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.
Solutions Corporation, a computer vendor and consulting company, uses the accrual method of accounting. Its tax year is the calendar year. The following are three of the corporation's transactions during the current year:
Refer to the above data. If Harper Co. retires $10 million of these bonds by purchasing them from bondholders at current market price, the company will report:
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Henson Company began the year with retained earnings of $175,000. During the year, the company recorded revenues of $250,000, expenses of $190,000, and paid dividends of $20,000. What was Henson's retained earnings at the end of the year?
The beginning work in process inventory had a cost of $2,200. Determine the cost of completed and transferred out production, and the ending work in process inventory
Prepare journal entries for the following transactions for Zenco Co.
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