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Accrued Expense Adjusting Entries Moreau Manufacturing Ltd. had the following items that require adjustment at year-end.
a. Salaries of $4,980 that were earned in December are unrecorded and unpaid.
b. Used $2,430 of utilities in December, which are unrecorded and unpaid.
c. Interest of $1,575 on a note payable has not been recorded or paid.
Required:
1. Prepare the adjusting entries needed at December 31.
2. What is the effect on the financial statements if these adjusting entries are not made?
Evaluate the recommendation of the Vice president and the effect on financial statements and evaluate the recommendation of controller Morgan
James purchased a new computer for the company on account. The transaction will: The Accounts Receivable account has total debit postings of $2,900 and credit postings of $300. The balance of the account is:
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Rex Baker and Ty Farney are forming a partnership to which Baker will devote three-fourth time and Farney will devote full time.
BHS Inc. determines that sales will rise from $300,000 to $500,000 next year. Spontaneous assets are 70% of sales and spontaneous liabilities are 30% of sales. BHS has a 10% profit margin and a 40% dividend payout ratio. What is the level of requi..
Johnson Company, a calendar-year company, purchased a delivery vehicle for $21,000 on 1/1/14. License and insurance costs for the vehicle will be $700 per year.
Which of the following is not an example of an agency cost?
Prepare a schedule of cash receipts for the first quarter, prepare a schedule of inventory purchases for the first quarter and prepare a schedule of cash disbursements for the first quarter.
What is the current value of Feinstein's Breweries' common stock to an investor requiring a 13% rate of return?
The XYZ Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market.
Big Ben Corporation has 250,000 shares of $50 par common stock outstanding. On May 10, Big Ben Corporation declared a 2% stock dividend to be issued August 1 to stockholders of record on June 9. The market price of the stock was $60 per share on M..
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