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Journal entries for legal expenses incurred in contesting the insurance settlement.
1. (3/4/2009) Paid the February, 2009 employee salaries of $69,000. (Total monthly salaries increased $3,000 per month, effective in February, 2009).
Date
Account Titles
Debit
Credit
2.(3/3/2009) Paid the February, 2009 utilities expense of $9,180.
3.(3/5/2009) Paid $7,300 legal expenses incurred in contesting the insurance settlement related to the earthquake damage earlier in the year.
Purpose the entry to record the exercise of the conversion option, using the book value method.
Evaluate amount of current liabilities does this firm have and How much long-term debt does the firm have
Evaluate the investing cash flows - consider there were no other non-current assets sold during the period or revalued.
Purpose summary journal entries related to the (1) sales, (2) sales returns, (3) collections of accounts receivable, and (4) write-offs of accounts receivable for the year ended September 30, 2009.
Make the journal entries necessary to record the transactions above using appropriate dates
How much is recognized profit? How much is each partner's basis in the partnership? What is the partnership's basis in the assets contributed?
Explain the Financial statements vs. the financial reporting framework
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350
Evaluate Andreas basis in the partnership interest at the starting of the year
Evaluate the company's predetermined overhead rate for the year. Logan's actual manufacturing overhead for the year was $749,346 and its real total direct labor was 28,500 hours.
To prepare the project worthwhile in terms of his own time, Marbury would need a $7,200 profit for the first six months of the venture. What level of sales in units and dollars would be needed to attain this target net operating income?
Check a governmental and a not-for-profit program
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