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Determine the impact on the balance sheet accounts if the following information is not used to adjust the accounts of Mood Food Company for the month of January, 2012. Round answers to the nearest dollar.
1. The company rents extra office space to Beulah, CPAs. Beulah pays the $6,000 rent annually on January 1.
2. The company has an outstanding loan to its President in the amount of $100,000. The loan accrues interest at the annual rate of 6%. Principal and interest are due January 1, 2014.
3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $3,100.
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:
Prepare the general journal entries for Korman Company for:(a) the 2010 adjusting entry.(b) the sale of the Thomas Corp. stock.(c) the purchase of the Werth Stores' stock.(d) the 2011 adjusting entry
What are some methods a business uses to determine if the activity is value added or not? How do you think business learn from customers (consumers) what is value added and what is not value added?
However, Tropical Sweets will know the level of demand and will implement the project only if it adds value to the company. Perform a qualitative assessment of the investment timing option's value.
How much goodwill did World Media purchase as part of the acquisition of The Dandy Dime?
On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable. Prepare Gate's general journal entry to record the insurance of the note payable.
Which type of business organization will meet Desean's needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.
The capital budgeting method that divides a project's annual incremental net operating income by the initial investment is the:
Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Prepare a journa..
What are the pros and cons of this tax credit? Why is this issue of any interest to the NAHB?
Taylor Flowers' bank statement shows a balance of $135.42 and a service charge of $8.00. The account register shows deposits of $112.88 and $235.45 that do not appear on the statement.
Determine the (a) current ratio, and (b) quick ratio. Round your answer to one digit after the decimal.
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