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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Explain to him the rules of debits and credits for the balance sheet and income statement.
Provide examples from the manufacturing industry of:
a journal entry that would be recorded that impacts the balance sheet.
a journal entry that would be recorded affecting the income statement.
Please provide the assumptions behind the transactions and the full journal entries.
problem 1-18a cost behavior high-low method contribution format income statement lo3 lo4 lo5frankel ltd. a british
Assume a healthcare company sold bonds that have a ten-year maturity, a 12% coupon rate with annual payments, and a $1,000 par value.
rivera company has several processing departments. costs charged to the assembly department for november 2014 totaled
Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit
stone inc. is evaluating a project with an initial cost of 8450. cash inflows are expected to be 1000 1000 and 10000 in
On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an interest rate of 8%.
The market under governmental order because of a potential health hazard in the product. What amount should Koll charge against income during 2011, assuming amortization is recorded at the end of each year?
balance sheet classi?cations and relationships shelley and co. has the following balance sheet elements as of december
Denise's estate received the interest and dividends on the payment dates. What should be included in Denise's gross estate?
at the end of 2013 an error was made in the physical count of inventory at carter corporation which resulted in ending
Compute the breakeven analysis in sales dollars for the company.
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
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