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On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january: 1st borrowed 12,000 in cash from midland bank on 4 month 8% 12,000 note 5th sold merchandise for cash 6,510, which includes 5% sales tax 12th provided services for customers who had made advanced payments of 10,000 (credit service revenues) 14th paid state treasurers department for sales tax collected dec 2006, $6,600 20th sold 500 units of a new product on credit at 48$ per unit, plus 5% sales tax During january the company's employees earned wages of 60,000. Withholdings related to wages were 4,590 for soc. Sec' 5,000 for Federal, and 1,500 for state income. The company owes no money related to these earnings for federal or state unemployment. Assume that wages earned during january will be paid during february. No entry had been recorded for wages or payroll tax expense as of jan 31 a. Journalize transactions b. Journalize the adjusting entries at jan 31 for the outstanding note payable and for wages expense and payroll tax expense c. Prepare the current liabilities section of the balance sheet at jan 31 2007. Assume no change in accounts payable.
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements.
Assuming that the company uses the percentage of receivables allowance method, prepare the adjusting entry on December 31, 2001, to recognize bad debts expense.
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
Determine the eliminating entries necessary for the 20X9 consolidated financial statements. Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Give Sapling's entries reflecting the purchase of wood chipper. Give Fir's entries reflecting the sale of wood chipper.
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
Coyote owns 5% of Roadrunner Corporation’s stock. How much is Coyote Corporation’s taxable income (loss) for the year?
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
Making decision for discontinue production of subassemblies and purchase from an outside supplier.
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