prepare a Balance Sheet, given details attached below, Acid Test Ratio : 2.5, Current Ratio : 1.5, Net working capital Rs. 10, 00,000, Fixed Assets ?, Share holders fund Rs. 15, 00,000, Stock\ Inventory ?
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Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
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Cassie owns a Rembrandt painting she acquired on June 1, 2009 as an investment. She exchanges the painting on September 5, 2011, for a Picasso sculpture and marketable securities to be held as an investment. On what date does the sculpture's holdi..
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Compute the sales level that would generate a 20% return on investment. Supposing the rate of return is 15%, determine the level of sales that would generate $200,000 of residual income.
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When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
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Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for
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Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
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Slagle Corporation is a large manufacturing organization. Over the past several years, it has obtained an important component used in its production process exclusively from Harrison, Inc., a relatively small company in Topeka, Kansas. Harrison ch..
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Robin Bradley received a paycheck from her employer in the amount of $776.35. The paycheck stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax and $74.65 had been wi..
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On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
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Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
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Assuming that the company uses the percentage of receivables allowance method, prepare the adjusting entry on December 31, 2001, to recognize bad debts expense.
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