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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
1) Explain to him the rules of debits and credits for the balance sheet and income statement.
2) Provide examples from the manufacturing industry of:
a) a journal entry that would be recorded that impacts the balance sheet.b) a journal entry that would be recorded affecting the income statement.
3) Please provide the assumptions behind the transactions and the full journal entries.
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its fin..
Write an analysis about test of liquidity that compare Best buy to Radio Shack and Conn's.
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.
Your firm has $45.0 million invested in accounts receivable, which is 90 days of net revenues. If this value could be reduced to 50 days, what annual increase in income would your firm realize if the increase in cash could be invested at 7.5 perce..
Recording Transactions Affecting the Enterprise Fund and Business-Type Activities, Prepare general journal entries to record the December 31, 2013, accounts and balances for the Water Utility Fund, selecting the corresponding accounts from drop-down..
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
In this discussion post you are to discuss either the pro or con of full financial disclosure. You must take a position advocating full disclosure and why this is beneficial for the marketplace and the economy or a position arguing that the associ..
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
Can you please describe to me in detail the steps of the accounting cycle? please include references searched the solution library and need new information.
Trepid Manufacturing Company prepared a fixed budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead.
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