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(a)design appropriate journal for these transactions(b)enter the transaction for June and total the journals at the end of June. The business offered both body massage andsolarium services to the public on a cash basis only.1 Jan - Contribute $10,000 into a business bankaccount(receipt 001). Paid rent for premises incluiding GST (cheque 501)4 - Paid Advertising $198incl. GST (cheque 502)5 - Purchaseequipment on credit from EQ, $550 inc. GST6 - Contribute stereosystem into the business valued at $900 (memo 1).7 - Cash takings-massage,$154 inc. GST; solarium, $66 inc. GST (CRS).8 - Paid public LiabilityInsurence, $440 inc. GST (cheque 503)9 - Pais extra wages of$200 from own personal bank account (memo 2)
During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000.
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
If a fixed asset, such as a computer, were purchased on January 1st for $1,950 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is:
3 page paper on analysing a company and the company would be Chipotle Mexican Grill.
Identify the process of cost commitment during various phases of some product's life cycle. Try to find serveral examples so that you can contrast the rate of cost commitment for different products?
Assume variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a favorable overhead efficiency variance. Which reason is most persuasive? Why?
Jane's Donut Co. borrowed $200,000 on January 1, 2009, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2011. In connection with this note, what amount should Jane's report as interest expen..
Compute Rusty's correct gross income for the year, and explain any differences between your calculation and Rusty's.
Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006:
Assume that the company produced the equivalent of 11,700 units of product during the year just completed. What was the average cost per unit for direct materials? What was the average cost per unit for fixed manufacturing overhead?
Analyze the difference between discretionary and nondiscretionary fiscal policy. Explain the effects of discretionary and nondiscretionary fiscal policy on governmental revenue and expenditures.
Identify the five components that comprise pension expense. Briefly explain the nature of each component. What is a private pension plan? How does a contributory pension plan differ from a noncontributory plan.
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