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A company has a fiscal year-end of December 31: (1) on October 1, $31,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $29,000; principal and interest at 7% are due in one year; and (3) equipment costing $79,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,800 per year. If the adjusting entries were not recorded, would net income be higher or lower and by how much?
The problem involves Current Year NOL and one group carrying its NOL forward to one year. I did not understand the part,
What will the report look like? Prepare an accounts receivable aging report in excel or another spreadsheet package? How will you distribute the report? How many copies will you make? Who should receive the copies? What security features will you imp..
The Income Statement shows:
Using the code letters below, show how each of the items listed could be handled in preparing bank reconciliation.
Prepare dated journal entries for Fleming to reflect above transactions using the net method. Do not use hedge accounting. Explain how your journal entry on the settlement date would change if the receivable was hedged.
Compute Blacksmith's earnings per share for 2012. Start with income from continuing operations. All income and loss amounts are net of income tax.
If an investment has cash outflows of Q dollars at the end of each year for three years, then the present value of these cash outflows under a 10% rate of return will be:
A corporation, which had 21,200 shares of common stock outstanding, declared a 5-for-1 stock split. What will be the number of shares outstanding after the split? Shares
During a “hard” insurance market, a manufacturing company decided to self-insure its workers compensation loss exposure. The company hired a third party (TPA) to administer the workers compensation claims. What did the risk manager mean?
roland amp sons music ltd.s comparative balance sheets at december 31 20x7 and 20x8 and its income statement for the
government accounts items requiring passing of journal entries in the general fund.the city of brownsville engaged in
How to report in tax return at the end of year for both the buyer and seller? Do we need to report anything in Schedule k or k-1 or Form 8949 or Schedule D.
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