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Describe how the following business transactions affect the three elements of the accounting equation.
a. Received cash for services performed.b. Paid for utilities used in the business.c. Borrowed cash at local bank.d. Issued capital stock for cash.e. Purchased land for cash.
1. economic entity assumption2. going concern assumptionnbspnbspnbspnbsp3. monetary unit assumptionnbspnbspnbspnbsp4.
What is the cost of the inventory at January 31, 2015 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count?
On January 1, 2014, Valley Company entered into a 3-year construction contract that had an estimated gross revenue of P3,000,000. The entity used the percentage of completion method in recognizing income on its books.
Make in good form a multiple-step income statement for the year 2011. Suppose a 30% tax rate and that 80,000 shares of common stock were outstanding in the year
How much will Casino Corporation owe on this loan after making monthly payments for three years (the amount owed immediately after the thirty-sixth payment)?
List the accounting standards issued by ICAI and prepare a Three-column Cash Book of M/s Thuglak & Co. from the particulars
Purpose bank reconciliation. Use a format like the one shown on page 370, Illustration 8-12. For the Conference, you should show the adjusted cash balance,
Which of the theoretical perspective of regulation reviewed in this chapter might best explain the existence of laws that prohibit insider trading?
using these 2007 annual reports for the coca-cola company and pepsico inc. answer the following questions. write these
A corporation was formed on January 1 and was authorized to issue 400,000 shares of common stock at $2 par value.
Calculate the subsequent realized gain, recognized gain and the adjusted basis of his new residence
Evaluate, measure, value and present financial statements in conformity with GAAP relating to assets.
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