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Crawford Company started the year with $15,000 in its Common Stock account and a credit balance in Retained Earnings of $6,000. During the year, the company earned net income of $12,000 and declared and paid $5,000 of dividends. The company also sold additional common stock amounting to $7,000. As a result of these transactions - the amount of the retained earnings account abalance the end of the year would be?
What are assets? What are liabilities? What is equity? What are current liabilities? Explain what working capital is and how it is computed.
for each of the situations that follow determine whether a liability should be reported on the balance sheet. if a
the charter of a corporation provides for the issuance of 100000 shares of common stock. assume that 60000 shares were
On January 10, Klugman purchased 6 units at $660 each.The company sold 2 units on January 8 and 4 units on January 15. Compute the ending inventory under (1) FIFO, (2) LIFO, and (3) average-cost.
the wright company has a standard costing system. the following data are available for september actual quantity of
Probe Manufacturing leased an asset with a fair market value of $145,000 to Detection Devices. Detection will pay Probe $25,000 annually, in advance, for the next 10 years.
vazquez companys cost of goods sold is 350000 variable and 200000 fixed. the companys selling and administrative
1.a plant asset purchased for 250000 has an estimated life of 10 years and a residual value of 20000. depreciation for
in light of the full disclosure principle investors and creditors need to know the balance for assets liabilities and
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
the controller of steam straighteners has just finished a draft of the companys year-end financial statements. he is
Assume that an account receivable in the amount of $400 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off.
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