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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.
Suppose that the preferred stock is noncumulative, and the total amount of dividends is $29,000 and compute the amounts of dividends, in total and per share, that would be payable to each class of stockholders.
problemwhile reviewing the march 31 2012 balance sheet of business solutions santana rey notes that the business has
choose a publicly traded company involved in a merger or acquisition transaction that occurred in the last five years
Prepare an income statement for Charlies Pets, a merchandiser, for the year ended December 31, 2012.
On May 1, 2014, Friendly Company issued 3,640 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 96, but the fair value of the warrants cannot be determined.
The problem states that the company has a yearend date of Dec 31st. and that there are 15000 of declared dividends. Should this affect my common stock or retained earnings?
Bateman Light began operations in 20X1. The company sometimes sells used warehouses on an instalment basis. In those cases, Bateman Light reports income in its income statement in the year of the sale, In its income tax return, though Bateman Light r..
Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 2..
A company has notes receivable, classified as noncurrent that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivable..
The company's ending work in process inventory consists of 8,000 units, 60% complete with respect to materials and 80% complete with respect to conversion costs. If the total cost in this inventory is $200,000 and if the cost for materials is $16 per..
Woody's Cafe Real Estate tax of $1,110.85 was due on November 1, 2011. Due to financial problems Woody was unable to pay his cafe real estate tax bill until January 15, 2012. The penalty for late payment is 8 1/4% ordinary interest.
On January 1, 2014, professor Credit Unions (PCU) issued 8% 20-years bonds payable with face value of 500,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds is 109.
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