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Journalize the entry to record the following selected transactions of Oliver Co.
a) Purchased $10,000 of Kruse Co. 8% bonds at 102 plus accrued interest of $2,000.
b) Received first semiannual interest payment
c) Amortized $40 on the bond investment at the end of the first year.
d) Sold the bonds at 97 plus accrued interest of $1,500. The bonds were carried at $101,500 at the time of sale
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
John-Bob's share of losses from Partnership Z during 2010 was $60,000. How much is John-Bob at risk for Partnership Z on January 1, 2011?
Was the selection of the college as an income beneficiary a wise decision by Campbell's grantor? Comment specifically concerning the tax effects of the trust's cost recovery deductions and of its potential business operating losses.
What is the purpose of a deposition at the trial phase?
A common question when making a capital budgeting decision is whether to lease or buy an asset. This is akin to the 'make or buy choice' that is often faced by management accountants.
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
What are the differences in financial reporting in a for-profit and government organization? What are the similarities in financial reporting in a for-profit and government organization?
At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:
If the entity is an S corporation and the transaction qualifies under § 351, the S corporation's basis for the property and the shareholder's basis for the stock are:
What are the three different inventory costs flows assumptions commonly used in commerce today and allowed by generally accepted accounting principles?
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