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1) A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
2) a publisher sells $2,000 in magazine subscription that will be filled over the next 12 months.
Please prepare the journal entries.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Write an analysis about test of liquidity that compare Best buy to Radio Shack and Conn's.
Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007- Prepare a multiple-step income statement. Prepare a single-step in..
Prepare a journal entry to record the estimated liability. Assume that during 2010, products under warranty must be repaired using repair parts from inventory costing $4,950. Prepare the journal entry to record the repairs of products.
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
Calculate the after-tax cost of each payment assuming she has a 25 percent marginal tax rate. $800 to reimburse the cost of meals incurred by employees while travelling for the business $1,200 for football tickets to entertain out-of-town clients ..
Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.
The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation. State the basic accounting equation and define each of its major components. How are business transactions and f..
A business paid 100 to cash to Karen Smith (the owner of the business) for her personal use. Set up the necessary T accounts and show how this transaction would be recorded directly to those accounts
Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)
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