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Peng Company accumulates the following adjustment data at December 31.
(a) Service Revenue earned but unbilled totals $600.(b) Store supplies of $160 are on hand. Supplies account shows $1,900 balance.(c) Utility expenses of $275 are unpaid.(d) Service revenue of $490 collected in advance has been earned.(e) Salaries of $620 are unpaid.(f) Prepaid insurance totaling $400 has expired.
Instructions
For each item, indicate
(1) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and
(2) The status of the accounts before adjustment (overstated or understated).
Describe the nature of the Income Summary account and identify the types of summary data that may be posted to this account.
The direct method might be easier to understand but it is also more expensive and more time consuming for the company why is that? and Whats the best method to use for businesses?
How are deferred tax assets and deferred tax liabilities derived? How do they relate to the difference between tax expense and taxes payable? How could an organization have a tax receivable?
Fred Jones owns 56 shares of the Robust Corporation's stock. Robust announces a 3 for 2 stock split. How many shares will Fred have after this split.
The Partnership of D, E, and F has the following account balances just prior to the liquidation of the partnership: Cash, $90,000; Noncash Assets, $570,000; Liabilities, $300,000: D, Capital, $120,000; E, Capital, $180,000; and F, Capital, $60,000..
Prepare the entries to record the issuance of the bonds and the first semiannual interest payment assuming that the company uses effective-interest amortization.
during the year royal repaid existing debt of 223785 and raised additional debt capital of 642062. it also repurchased
the billboard for the florida lottery announces an 18000000 prize to the winner. the winner has the option of receiving
What does the term accrual accounting mean in terms of the way we account for transactions. Discuss two principles or concepts which drive the use of accrual accounting.
during 2011 trish a self-employed healthcare consultant travels from los angeles to atlanta for a 1 week business trip.
at the operating breakeven point equals zero. a. variable operating costs b. sales revenue c. earnings before interest
X transferred property to an LLC and received a 25% interest in the partnership profits, losses, and capital. X's basis in the property was $200 and it was subject to a nonrecourse mortgage for $500.
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