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On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 non-interest-bearing note due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
Record the 1/1/14 transaction for Fishbone and all necessary entries from 2014-2016. Record the 1/1/14 transaction for Lost Company and all necessary enrties from 2014-2016.
Note- I am struggling with the journal entries the most!
Assume that Corey Jones, account payable clerk for Matthew Davidson Computers, stole $59,456 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the manes of the fictitious companies and cashed the checks at..
What is the role of accounting in society? Is accounting complete? Does it provide all of the information that investors and creditors need for rationale decision making?
Posey Corporation distributes land with a Fair Market Value of $20,000 and a basis of $12,000 to Brock, a shareholder. Posey's earnings and profits are $125,000. What must Brock report as income from the property distribution?
On January 1, 2015, Piper Co. issued ten-year bonds with a face value of $3,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Calculate the issue price of the bonds.
Doll Computer manufactures laptop computers under its own brand, but acquires all the components from outside vendors. No computers are assembled until the order is received online from customers, so there is no finished goods inventory. Assuming Dol..
1. classify each of the subsequent events as either a revenue expense or neither. you should also describe why it is
write a report explaining this abnormal trend between the net income and the cash flow numbers and whether this should be a red flag to investors and creditors.
The Trick Company manufactures tacks. Costs for September were direct labor, $84,000; indirect labor, $36,700; direct materials, $55,900; taxes on raw materials and work in process, $4,800; factory utilities, $3,200; and insurance on plant and equipm..
qkimm company has gathered the subsequent information about its product.direct materials every unit of product contains
Prepare an income statement for the year ended 30 September and a balance sheet as at that date for Doyle.
The landscaping is expected to have a 20-year useful life and no residual value. Prepare the journal entries at December 31, 2011 to correct the errors (ignore income taxes).
Those in the field say that one of the most effective methods of ethics training is an exercise in resolving ethical dilemmas that relates to actual situations employees may face on the job. Why do you think that this is so?
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