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Before making its year-end adjustments, the net income for Gannet Company was $80,000. Year-end adjusting entries are necessary for the following items:
1. Office supplies used up during the year totaled $3,200
2. Interest accrued to December 31 on note payable to the bank totaled $900
3. Services performed for clients but not yet collected totaled $2,600.
Calculate Gannet Company's net income for the year after the necessary adjustments are made.
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1. what are the permanent and temporary differences? 2. What is NOL? Why does it occur? 3. What are the allocation methods? 4. What are the deferred tax assets and deferred tax liability? 5. What is the earnings conservatism ratio?
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Milton's bonds pay interest semi annually on July 1 and January 1. If its fiscal year ends on September 30, which statement is true for Milton's year-end adjusting journal entry for bond interest?
Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.
Review the transactions and financial position of Gooseberry Inc. for May 31 in the Excel Template.
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