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Depreciation on the company's equipment for 2011 is computed to be $14,000. b. The Prepaid Insurance account had a $5,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $990 of unexpired insurance coverage remains. c. The Office Supplies account had a $460 debit balance on December 31, 2010; and $2,680 of office supplies were purchased during the year. The December 31, 2011, physical count showed $543 of supplies available. d. Two-thirds of the work related to $12,000 of cash received in advance was performed this period. e. The Prepaid Insurance account had a $4,900 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3,910 of coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31, 2011. Prepare adjusting journal entries for the year ended December 31, 2011, for each of the above separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.
A consulting engineering firm is considering two models of SUVs for the company principals. A GM model will have a first cost of $26,000, an operating cost of $2000, and a salvage value of $12,000 after 3 years.
How much cost, in total, would be allocated in the first-stage allocation to the Setting Up activity cost pool?
Which of the following is one of the components of cost accounting?
part aan issue that attracts debate in relation to corporate governance is whether there should be a requirement that
What would be the impact on the company's overall net operating income of buying part W28 from the outside supplier?
alpine west inc. operates a downhill ski area near lake tahoe california. an all-day adult ticket can be purchased for
Compute Rusty's correct gross income for the year, and explain any differences between your calculation and Rusty's.
Why are measures of "service efforts and accomplishments" of more concern in government and not-for-profits than in businesses?
individual income tax many people believe that the federal income tax is far too complex. but are there good reasons
in early january burger mania acquired 100 of the common stock of the crispy taco restaurant chain. the purchase price
buzz inc. has 8000 shares of 5 50 par cumulative preferred stock and 50000 shares of 3 par common stock outstanding. no
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Tricia DeBarre, Capital in the process of closing the Income Summary account?
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