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The following errors took place in journalizing and posting transactions:
a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.
b. Rent of $3,600 paid for the current month was recorded as a debit to Rent Expense anda credit to Prepaid Rent.
Journalize the entries to correct the errors. Omit explanations.
The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January:The activity variance for personnel expenses in January would be closest to:
Prepare the income statement for the second year ). What information should be on the income statement if we cannot get the certainty condition?
R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Using activity-based costing, how much assembly cost is assigned to deluxe racquets?
When a company adopts a pension plan, prior service costs should be charged to
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
You are trying to determine which of two companies is the most profitable. Which of the following would be the best indicator of relative profitability
This week, Airbus announced it was building new plant in Alabama. Can you aid me in answering the following questions based on information in conjunction with Foreign Direct Investment.
What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries?
The company has had over $300,000 in interest-bearing debt outstanding the third year, at a weighted average rate of 9 percent. How much interest for the third year is capitalized?
In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.
At December 31, 2012 and 2013, Funk & Noble Corporation had outstanding 1,000 million shares of common stock and 13 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock..
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