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Record the following transactions of Reed Co. in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.) (2 points) 1.?An insurance policy for two years was acquired on April 1, 2010 for $8,000. 2.?Rent of $12,000 for six months for a portion of the building was received on November 1, 2010.
Equipment acquired on January 4, 2011, at a cost of $298,100, has an estimated useful life of nine years and an estimated residual value of $38,900. What was the annual amount of depreciation for the years 2011, 2012, and 2013, using the straight-lin..
Generate balance sheets for the business as of 31 st December, 2010 and 2011.Hint: Report only net equity on the balance sheet and remember that net equity equals the difference between liabilities and assets.)
he market rate of interest 12%. The interest is paid on June 30 and December 31. Find out the price of the bonds at January 1, 2010. Prepare the journal entry to record the issuance by Carla Industries on Jan 1, 2010
midwest corp completed the following transactions in 2012 the first year of operation.1. issued 20000 shares of 10 par
McKinnon reports in its 2011 annual report 10-K, sales of $2,045 million and cost of goods sold of $818 million. For next year, you project that sales will grow by 5% and that cost of goods sold percentage will be 2 percentage points higher.
Companies have used a myriad of ways to increase shareholder value managing either equity or debt (such as a stock buyback). Has a company in your industry ever increase shareholder value managing either equity or debt? If not research and report one..
Are non-profit and governments required to depreciate assets
ot-for-profits are required to classify assets into three categories, restricted, temporarily restricted and unrestricted. Explain why would this requirement exist for NFP organizations
Calculate the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on January 1, 2009.
The Balance Sheet should be prepared
Prepare Upland's November 1, 2012, entry; the December 31, 2012, annual adjusting entry; and the February 1,2013, entry.
Imagine that a coworker wants to circumvent an internal control to steal money from your company. Speculate on two (2) internal controls that your coworker might attempt to circumvent in order to steal the money. Recommend two (2) actions that the co..
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