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Ken Cascioli and Bill Ryder, master painters and paperhangers, formed a partnership. They had the following transactions during their first month of business. Record the debits and credits, without making explanations.1. Ken and Bill each invested $ 3,000 in the business.2. Ken and Bill acquired the following items of equipment for use in the business:a. Ladders and other equipment, for which they paid $ 1,800 in cash. They estimated that the equipment would have an average useful life of 6 years.b. A pickup truck, which they bought for $ 10,000. They paid $ 2,000 in cash as a down payment and signed a note for the remainder, agreeing to pay $ 1,000 a month for the next 8 months, together with interest at the rate of 5 percent per annum on the unpaid balance of the loan. They estimated the truck would have a useful life of 4 years.3. They took out a 3 year insurance policy related to their business activities, paying $ 1,200 cash.4. They paid $ 380 for paint and other supplies, all of which was consumed on the various painting jobs they did during the month.5. They paid $ 80 for gasoline for the pickup truck.6. Ken and Bill expect payment from their customers every Friday for work done during the week. During the month they collected $ 9,380 in cash for their work.In E15- 11
Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.
tyrene products manufactures recreational equipment. one of the companys products a skateboards sells for 32. the
1) Define and discuss the definition of fraud, irregularities, and corruption, versus "errors" in your own words.
firm s is the only producer of a particular types of foam fire retardant and insulation used in the contraction of
Determine the maturity value of the note. Journalize the entry to record the receipt of the payment of the note at maturity.
Given the following information, compute Lemon Company's interest paid.
Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they affect the financial statements?
Pacifica estimates a 50 percent probibilty that seguros will be successful in meeting these goals and uses a 4 percent discount rate to represent the time value of money.
At the end of the year, Watkins still holds only $20,000 of merchandise. What amount of unrealized grass profit must Panner defer in reporting this investment using the equity method?
Source documents provide the input for the accounting process
zeflax manufactures plastic bottles for bikes that the company sells for 4.00 per bottle. last year the company
av city stocks and sells a particular brand of laptop. it costs the firm 625 each time it places an order with the
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