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The salaries for Patricia Event Planning Service are $6,000 per week of five working days and are paid weekly at the end of Fridays. The end of the month falls on a Thursday. Patricia made the appropriate accrual adjustment and posted it to the ledger. The final adjusted balance of Salaries Payable, as shown on the adjusted trial balance, will be a (Assume that there was no beginning balance in the Salaries Payable account.)
Compute the net increase or decrease in net income for the month from the recognition of the adjustments
LM Enterprises produces a single part for sale. The part sells for $15.5 per unit. Fixed costs are $1,420,000 annually. Production and sales of 640,000 units annually results in profit before taxes of $2,420,000. What is the unit variable cost?
preparation of the cash flow statement.the following events occurred at handsome hounds grooming company during its
Will market efficiency evolve on its own without government intervention? Why or why not and what role do ethics play in market efficiency?
Brain owns a 30% profit and loss interest in the MON Partnership. Brain acquired his interest by contributing a nondepriciable capital asset with a fair market value of $ 60,000 and adjusted basis of $24,000. Mariyln acquired her 50% interest by cont..
Prepare the journal entries by Brainard Industries, Inc., necessitated by the restructuring of the debt
Tube-Magic Company makes a line of specialized plastic tubing items. During each of the next two years, it expects to sell 325,000 units. The beginning finished-goods inventory is 80,000 units. However, the target ending finished-goods inventory for ..
At the beginning of 2010, Shanklin Company issued 10 year bonds with a face value of $1,000,000 due on December 31, 2019.
Roy decides to buy a personal residence, and he goes to the bank for a $150,000 loan. The bank tells Roy that he can borrow the funds at 4% if his father will guarantee the debt. Roy’s father, Hal, owns a $150,000 CD currently yielding 3.5%. The inte..
Olga is the proprietor of a small business. In 2015, the business's income, before consideration of any cost recovery or § 179 deduction, is $250,000.
Why do you think penalties are a permanent tax difference and depreciation is a temporary difference? What makes a book/tax difference permanent versus temporary and how does this affect the effective tax rate?
Based on a recommendation of its Board of Directors, Goochland decides to appropriate (restrict) $200,000 of its inappropriated retained earnings for plant expansion at some time in the future
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