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1. Bob Johnson is the sole owner of Johnson's Carpet Cleaning Service. Bob purchased a personal automobile for $10,000 cash plus he took out a loan for $20,000 in his name. Describe how this transaction is related to the business entity concept.
2. Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation?
3. Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during May.
Harry pays $600 for airfare, $200 for meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?
Oddessy consulting has the following for year ended 12-31-09 before adjustments. Oddessy uses the net credit sales method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
Calculate Suzy's recognized gain or loss on the distributions, if any. Calculate Suzy's basis in the inventory received.
amy dyken controller at fitzgerald pharmaceutical industries a public company is currently preparing the calculation
A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is:
Madtack applies manufacturing overhead cost to jobs at the rate of 55% of direct labor cost incurred. The company does not close underapplied or overapplied manufacturing overhead to Cost of Goods Sold until the end of the year.
the threat of new entrants would be higher under which of the following conditions? access to distribution channels is
If Kelly deposits $10,000 into an account that pays 8 percent interest, compounded annually, and she makes no further deposits or withdrawals, how much will Kelly have in her account at the end of 5 years?
On January 1, 2010, Palmiero incurred organization costs of $275,000. What amount of organization expense should be reported in 2010?
home builders sells windows and doors in the ratio of 82 . the selling price of each window is 100 and of each door is
Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Lea..
in 2013 lucys chaotic construction corporation began construction work under a three- year contract. the contract price
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