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In each of the following situations, determine if the appropriate action was taken. If not, describe the financial statement impact of the error.
A. Recorded the $50,000 purchase of land acquired for investment purposes as a debit to the Land account.B. A $450 tune-up to the delivery truck was capitalized to the Truck account.C. Land to be used as the site for a new warehouse was purchased for $250,000 plus a broker's commission of $12,500. The Land account was debited for $250,000, and the $12,500 broker's commission was recorded as commission expense.D. The $650 cost to install a new water heater was charged to plumbing repairs expense.E. A patent was purchased for $475,000 and recorded in the Equipment account.F. Depletion relating to the extraction of 200,000 barrels of oil was not recorded because the oil is still sitting in inventory and has not been sold.
Explain whether you agree or disagree with the court’s decision to allow GGP’s SPEs to enter bankruptcy protection. Describe the implications of the GGP bankruptcy for the securitization markets.
Make a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings. Include margin explanations for any changes in Retained Earnings..
The land cost $40000. because the buyer has good credit and high interest rate on the note, the seller thinks the note's fiar market value will be $74,000. How much the gain seller can recognize?
Prepare the corrected trial balance at October 31, 2010. Journal entries are not required and record each transaction in the journal. Identify each transaction by its date. Explanations are not required.
What is the amount and character of Winchester's gains and losses before the 1231 netting process?
Calculate a value in response to the following: Unhappy about the prospect of a price increase, Blake's sales manager would like data regarding the number of units that must be sold at the former price to earn the £200,000 profit.
comfi airways inc. a small two-plane passenger airline has asked for your help in some basic analysis of its
Government accounts items requiring passing of journal entries in the General Fund - preparation of fund financial statements, prepare the appropriate journal entries in the General Fund
accounting fundamentals involves completion of accounting cycle.barber-williams inc. sells installs and services a
research erp to determine what its purpose is. also determine what problems have been encountered when different
Calculation of applied manufacturing overhead based on direct labor hour rate - Purpose journal entries to record these events. Use those journal entries.
Evaluate the unit material cost for the period? Evaluate the unit conversion for the period?
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