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Payless department store had the following transaction duringthe year
1.purchased inventory on account.2. sold merchandis for cash, assuming a profit on thesale.3. borrowed money from a bank4. purchased land, making cash down payment and issuing a notefor balance.5. issued stock for cash6. paid salaries for the year7. paid a vendor for the inventory purchased on account.8. sold a building for cash and notes receivable at no gain orloss9. paid cash dividends to stockholders10. paid utilites using the folloing column headings, identify the accounts involved and indicate the net effect of each transaction of on the accounting equations (+increase, - decrease,0 no effect) transaction 1 has been completed as an example.
On February 10, 2013, Rims Corporation purchased a parcel of land as a factory site for $250,000. An old building on the property was demolished, and construction began on a new building which was completed on September 30, 2013. Salvaged material..
If the beginning balance in OAA is $3,900, and the following transactions occur, what is the ending OAA balance?
Deviney Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.86 direct labor-hours. The direct labor rate is $8.20 per direct labor-hour.
What are the elements of the accounting environment? How do they affect the financial statements? Why are these elements important? How do they affect comparability between companies?
Why is data security important now more than ever? What are some of the steps that we can take to ensure that our database is protected and secure? How can you use user views to enhance security and restrict access?
Rebello's preferred stock pays a dividend of $1.00 per quarter, and it sells for $55.00 per share. What is its effective annual (not nominal) rate of return.
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.
Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
The mortgage holder on the vacation home agreed to reduce the mortgage from $60,000 to $50,000. The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.
The earnings, dividends, and common stock price of Carpetto Technologies Inc. are expected to grow at 7 percent per year in the future. Carpetto's common stock sells for $23 per share
Why should related party transaction be disclosed for a nonprofit organization, aren't we all working towards the common mission in an NPO?
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