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Prepare the following adjustments in good journal entry format.
(a) The beginning balance of the Supplies account was $315. During the month the company bought additional supplies in the amount of $830. At the end of the month a physical inventory showed $568 of unused supplies.
(b) The company has a Note Payable in the amount of $10,000 at an APR of 12%. The note will be paid at the end of 6 months. The interest expense for the month needs to be recorded.
(c) There are two employees at the North Park Store. One is a manager that gets paid on the 15th of every month for his work during the first part of the month and on the 1st of the following month for the second part of the month. His monthly salary is $2,500. The other employee is an administrative assistant who gets a week pay of $450. The last day of the month fell on Thursday.
(d) The unearned revenue account shows a balance of $35,000. According to the manager 60% of that amount has been earned.
(e) At the end of the month $8,400 of services had been performed but not yet billed.
What is target costing? Suppose a hospital was offered a capitation rate for a covered population of $40 per member per month. Briefly explain in simple terms how target costing would be applied in this situation.
Compute the Working Capital. -Compute the Current Ratio.- Compute the Debt to Assets ratio.-Compute the Debt to Equity ratio.
margin divided by turnover-sales divided by assets
On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing state..
Will the company make any adjustment because of the tax rate increase? If so, illustrate what will be the impact of the adjustment on 2011 tax expense and net income?
XYZ, Inc. manufactures a tangible product and sells the product at wholesale. In it's first year of operations, XYZ manufactured 1,000 units of product and incurred $200,000 of direct materials cost and $130,000 direct labor costs. For tax purposes, ..
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An analyst who compares the debt ratios of firms under U.S. GAAP and IFRS. In general, which system would most likely yield lower debt and higher equity? Explain.
Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the current year are $5,550,000. Which of the following is correct regarding the en..
Purpose the journal entries to account for the lease transaction in the books of the lessor, Machine Guarantee Limited. Purpose the journal entries to account for the lease transaction in the books of the lessee, Simons Limited.
The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 2013 Net sales $1,894,859 $1,754,819 Cost of goods sold 1,062,859 1,010,319 Gross profit 832,000 744,500. Earning..
Which of the following is true about internal vs. external auditing?
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