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(Adjusting Entries) Bjorn Borg is the new owner of Ace Computer Services. At the end of August 2005, his first month of ownership, Bjorn is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.
1. At August 31, Mr. Borg owed his employees $1,900 in wages that will be paid on September 1.
2. At the end of the month he had not yet received the month's utility bill. Based on past experience, he estimated the bill would be approximately $600.
3. On August 1, Mr. Borg borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%.
4. A telephone bill in the amount of $117 covering August charges is unpaid at August 31. Prepare the adjusting journal entries as of August 31, 2005, suggested by the information above.
Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:
On September 1, 2009, Health Wise International acquired a 12 percent, nine-month note receivable from Herbal Innovations, a credit customer, in settlement of a $22,000 account receivable. Prepare journal entries to record the following:
What is the effective six-month interest for 8.9% APR compounded daily?A. 4.54%B. 4.5%C. 9%D. 9.08%
In May of 2009, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2009, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).
ignoring the cash inflows to the nearest whole dollar how large would the salvage value of the equipment have to be to
scratch miniature golf and driving range inc. was opened on march 1 by scott verplank. the following selected events
jarvie loves to bike. in fact he has always turned down better paying jobs to work in bicycle shops where he gets an
if bonbon corp. issued a 10-year bond 5 years ago with a coupon rate of 13 that currently sells for 1075 what is
Kevin is a candidate for an undergraduate degree at a local university. During 2010, he was granted a fellowship that provided the following: What amount can Kevin exclude from gross income in 2010?
There were 20,000 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs. A total of $585,900 in conversion costs were incurred in the department during the month. What would..
preble company manufactures one product. its variable manufacturing overhead is applied to production based on direct
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