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Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Legal Service Revenue when his clients pay him in advance. In June Mike collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June?
1) Legal Service Revenue 3,000 Unearned Revenue 3,000
2) Unearned Revenue 3,000 Legal Service Revenue 3,000
3) Unearned Revenue 9,000 Legal Service Revenue 9,000
4) Cash 12,000 Legal Service Revenue 12,000
How much overhead is allocated? What is the over/under absorbed overhead?
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date.
During 20x8, Voss declared and paid dividends of $80,000 on its common stock. Net income for 20x8 amounted to $500,000. The earnings per share (rounded to the nearest cent) for 20x8 are
penray uses a standard costing system in evaluating production operations. the company has had a number of problems
in harley company it costs 28 per unit 18 variable and 10 fixed to make a product that normally sells for 40. a foreign
Finished goods inventory at the end of last December was 200 units. Ending finished goods inventory is equal to 25 percent of the next month's sales. Jasper Company expects to sell the brackets for $45 each. How many brackets should Jasper produce..
gorham manufacturings sales slumped badly in2010. for the first time in its history it operated at a loss. thecompanys
On December 1, 2010, the company declared a cash dividend of $2 per share which will be paid in cash on January 15, 2011. The annual accounting period ends December 31. Prepare the appropriate journal entries on each date.
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Show how any deferred tax amounts should be classified and reported on the 2006 balance sheet. The tax rate is 40%.
Which of the following is the primary factor in determining the functional currency of a foreign subsidiary?
Suppose Asset A has an expected return of 10% and a standard deviation of 20%. Asset B has an expected return of 16% and a standard deviation of 40%. I f the correlation between A and B is 0.35, what are the expected return and standard deviation ..
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