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Your uncle runs a motorcyle body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
• Explain to him the rules of debits and credits for the balance sheet and income statement.
• Provide examples from the manufacturing industry of:
a journal entry that would be recorded that impacts the balance sheet.
a journal entry that would be recorded affecting the income statement.
• Please provide the assumptions behind the transactions and the full journal entries
Capius Corporation issued 2000 bonds in $1000 individual denominations. Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face ..
White Corporation, a closely held personal service corporation, has $150,000 of passive losses, $120,000 of active business income, and $30,000 of portfolio income. How much of the passive loss may White Corporation deduct?
When the auditor is unable to obtain sufficient, competent evidence concerning the beginning inventory, which is material, the report is modified by adding an explanatory paragraph prior to the opinion paragraph and appropriate modification to the..
Wilson Wonders' bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 10%. The bonds sell at a price of $850. What is their yield to maturity?
What is your estimate for 2008 sales($)? What is your estimate of 2008 profits after tax? What is the percentage increase in 2008 profits after tax vs 2007 profit after tax of $110 Million?
Barrett's fashion forecasts sales of 125,000 for the quarter ended december 31 Its gross profit reate is 20% of sales and its september 30inventory is 32,500 If the december 31 inventory is targeted at 41,500 budgeted purchases for the fourth quar..
This game is similar to empire-building game; however, focus of line leaders is solely on attaining a greater portion of the operational budget and effectively crowding out other aspects of the firm. The emergency services director that seeks to u..
The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..
Please provide an explanation of the strengths and weaknesses of the internal controls related to the payroll cycle.
The following expenditures were incurred by obermeyer company in purchasing land: cash price $68,011, accrued taxes $3,3618, attorney's fees $2,877, real estate broker's commission $1,189, and clearing and grading $4,045. What is the cost of the l..
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
Define the terms debit and credit. Explain how debits and credits affect the following: assets, liabilities, owner's capital account, revenues and expenses.
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