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At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closingof an expense account, Rent Expense in the form of a journal entry.
inventory valuationolivia company has the following inventory information availableunits units cost total costjan 1
Assume that the equipment in the item 6 was contributed by the city and that the pricing objective was to recoup the cost of equipment in the rate charged over the life of the equipment.
how would you explain the difference between financial and managerial accounting? explain the distinguishing features
barney an individual and aldrin inc. a domestic c corporation have decided to form ba llc. the new llc will produce a
A company issued 10%, 10 year bond payable with a par value of 720,000. The bonds were issued for 817,860 cash, which provided the holders an annual yield of 8%. Prepare a journal entry with a straight line method for the first semiannual interest..
a company uses activity-based costing to determine the costs of its three products a b and c. the budgeted cost and
werner chemical inc leased a protein analyzer on 30th september 2013. the five-year lease agreement calls for werner to
standard price of material specified 10 standard quantity of specified material per unit of product 20 kg actual price
assume you have researched the following financial data1 rd yield on the firmu2019s bonds 7.00 and the risk premium
Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. Prepare the necessary journal entries if the wages and salaries paid and the employer p..
At December 31,2010 the fair value of the Carlin, Inc. bonds was $318,000. What should Richman Co. report as other comprehensive income and as a separate component of stockholders' equity?
A rug manufacturer has decided to use 7 compatible colors in her rugs. However, in weaving a rug, only 5 spindles can be used. In advertising, the rug manufacturer wants to indicate the number of different color groupings for sale.
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