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Draper Consulting began operations and completed the following transactions during the first half of December: Dec 2 Received $18,000 cash and gave capital to Draper. 2 Paid monthly office rent, $550. 3 Paid cash for a Dell computer, $1,800. This equipment is expected to remain in service for five years. 4 Purchased office furniture on account, $4,200. The furniture should last for five years. 5 Purchased supplies on account, $900. 9 Performed consulting service for a client on account, $1,500. 12 Paid utility expenses, $250. 18 Performed service for a client and received cash of $1,100. Requirements 1. Analyze the effects of Draper Consulting's transactions on the accounting equation. Use the format of Exhibit 1-6, and include these headings: Cash; Accounts receivable; Supplies; Equipment; Furniture; Accounts payable; and Draper, capital. 2. Prepare the income statement of Draper Consulting for the month ended December 31, 2012. 3. Prepare the statement of owner's equity for the month ended December 31, 2012. 4. Prepare the balance sheet at December 31, 2012.
the balance sheet of marilyn and monroe was as follows immediately prior to the partnerships being liquidated cash
the inventory at may 1 and the costs charged to work in process-department b during may for stella company are as
On February 1, 2010, Pat Weaver Inc. (PWI) issued 9%, $1,400,000 bonds for $1,700,000. PWI retired all of these bonds on January 1, 2011, at 102. Unamortized bond premium on that date was $142,800. How much gain or loss should be recognized on thi..
fixed overhead 72 000 variable overhead 3 per direct labour hour budgeted direct labour hours 15 000the actual fixed
An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..
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List the steps involved in selecting and evaluating a nonstatistical or a statistical sample for tests of controls. Identify the professional judgments that must be made associated with each step.
identify and analyze the three marks of reality in particular concept of the no-soul doctrine. how do these differ from
Denard has a desired ending balance of shoes on hand equal to 10% of the following month's expected shoe sales. On December 31, Denard had 5,000 shoes in stock.
an investor took out a loan of 150000 at 8 compounded quarterly to be repaid over 10 years with quarterly payments of
1. what is capital structure? why should health care organizations care about it?2. what is equity
If beginning balance in prepaid insurance was $500 and$2,500 was paid for insurance premium during year, ending balance in prepaid insurance account (after the aboveadjusting entry) would be?
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