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The balance in the unearned fees account, before adjustment at the end of the year, is $96,740. Of these fees, $59,980 have been earned. In addition, $11,610 of fees have been earned but have not been billed.
a. Journalize the adjusting entry to adjust the unearned fees account.b. Journalize the adjusting entry to record the accrued fees.
Olgas proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the proprietorship on her individual income tax return.
What was the interest rate used to value the lease? What is the annual lease payment? What was the present value of the lease obligation on January 1, Year 6?
The division incurred before-tax operating losses of $130,000 from the beginning of the year through December 15.
Mr. Rosen is the manager of a division of Jokkmok Industries. He is one of several managers being considered for the position of CEO, as the current CEO is retiring in a year.
Prepare the manufacturing staffs calculations, In the fIrst set of calculations, the staff used a discount rate of 20 percent, a fIve-year time horizon, and ignored taxes and terminal value. What is the relative attractiveness of these three alternat..
Describe different revenue recognition methods under GAAP and IFRS. Define ADR firms.
A customer charges a treadmill at Mike's Sport Shop. The price is $2,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's..
Which one of the following will increase the operating cycle?
Prepare the bank reconciliation for company.
Dunn Corporation's taxable income is less than $40,000. The corporation is not eligible for the AMT small corporation exemption. The CPA preparing the return does not calculate the AMT because he knows that taxable income is less than the AMT stat..
Preparation of classified balance sheet using given data, From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Are there inter-company transactions between Target Corporation and its affiliated companies and did any of their affiliates sell shares of common stock to the public?
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