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The company closes its books regularly on Dec 31, but ast theend of 2007 it held its cash book open so that a more favoravlebalance sheet could be prepared for credit purposes. Cashreceips and disbursements for the first 10 days of January wererecorded as Dec transactions. The following info isgiven. 1) Jan cash receipts recorded in the Dec cash book totaled$39,640, of which $22,000 represents cash sales, and $17,640represents collections on account for which cash discounts of $360were given. 2) Jan cash disbursements recorded in the Dec check registerliquidated accts payable of $26,450, on which discunts of $250 weretaken. 3) The ledger has not been closed for 2007. 4) The amount shown as inventory was determined by physicalcount on Dec 31,2007; the compnay uses the periodic method of inventory. Instructions: a) Prepare an entries you consider necessary to correct Dumainaccounts at Dec 31. b) To what extent was Dumaine Equip co able to show a morefavorable balance sheet at Dec 31 by holding its cash bookopen? (compute working capital and the current ratio) Assume that the balance sheet that was prepared by teh companyshowed the following amounts:
cash 39,000
receivables 42,000
inventories 67,000
accountspayable 45,000
other currentliabilities 14,200
Determine the nonseparately computed income or loss. What is the portion of ordinary income or loss for Zariat, one of the three shareholders?"
How did the acquisition of Internode affect iiNet? You should briefly discuss the impacts in different aspects, e.g., how iiNet's liquidity and solvency was affected. Overall, do you think the acquisition was beneficial to iiNet? Provide your reasons..
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share di..
Company has assets of $1,800,000, liabilities of $1,100,000 and stockholder's equity of $700,000. (a) prepare the journal entry to record the lease, and (b) compute the and comment on the debt to total assets ratio at the year-end.
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?
Journalize Fidelity's distribution of the stock dividend on May 11. What was the overall effect of the stock dividend on Fidelity's total assets? On total liabilities? On total stockholders' equity?
Determine the amount of manufacturing overhead that would have been applied to all jobs during the period.
What was the affect of unethical behavior on the profitability of the company?
Whiteside corporation issues $521,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the annual market rate for such bonds is 10%, Compute the issue price of the bonds.
Compute the company's basic EPS for 2009. Compute the company's diluted EPS for 2009. Compute the company's book value per share at December 31, 2009. Compute the company's book value per share at December 31, 2009 assuming conversion of the preferr..
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
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