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1. During 2016, the company received $850 cash advance from a customer for merchandise to be manufactured and shipped in 2017. The $850 was credited to sales revenue. No entry was recorded for the cost of merchandise. (looking for sales revenue overstated)
2. Hales borrowed $25,000 from a local bank on October 1, 2016. Principal and interest at 12% will be paid on September 30, 2017. No accrual was recorded for interest. (looking for interest expense understated)
dennis sells short 100 shares of arc stock at 20 per share on january 15 2011. he buys 200 shares of arc stock on april
Jonathan purchased land many years ago for $100,000, which is rented to tenant farmer. Provide a bequest in his will for the land to go to Jill after his death?
a company is considering purchasing a machine for 21000. the machine will generate an after-tax net income of 2000 per
Employee identification number on a computer file
The maker of a $6,000, 10%, 120-day note receivable failed to pay the note on the due date of April 30. What accounts should be debited and credited by the payee to record the dishonored note receivable?
Albacore company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30. On September 30, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares..
What is the present value of tax savings related to the operating losses in years 1 and 2
one of the items that is sometimes overlooked in incremental analysis is opportunity costs. discuss how they can be
on dec. 19 2011 the seller corp. sold 12000 of merchandise inventory on account to the buyer corp. on dec. 22 2011
Is a restaurant a manufacturing or a service business? Please support your opinion with concepts from our chapter and other sources, referring to variable and fixed costs and examples of items in the three manufacturing inventories. Also, include ..
Emblems For You sells specialty sweatshirts. The purchase price is $10 per unit plus 10% tax and a shipping cost of 50¢ per unit. When the units arrive, they must be labeled, at an additional cost of 75¢ per unit. Emblems purchased, received, and ..
The process by which accounting standards has evolved over time worldwide differs significantly from country to country based on many factors.
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