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Prepare a trial balance with the following information provided: 01-dec Cash 15000 Office Equipment 5000 L. Matson, Capital 20000 - Owner invested in business 02-dec Office Equipment 1200 Accounts payable 1200 - Purchased office equipment and supplies on credit 03-dec Office Supplies 300 Accounts Payable 300 04-dec Cash 900 Fees Earned 900 - Rendered services for cash 08-dec Accounts Receivable 1700 Fees Earned 1700 - Rendered services on account 10-dec Accounts payable 300 Cash 300 - Paid amount owed for supplies 14-dec Prepaid Insurance 960 Cash 960 - Paid insurance premium for one year 18-dec Cash 1700 Accounts Receivable 1700 - Received payment on account 27-dec L. Matson, Withdrawals 650 Cash 650 - Owner withdrew cash 30-dec Utility Expense 175 Cash 175 - Paid utility bills 30-dec Cash 2000 Unearned Fees 2000
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
Discuss three major factors that have contributed to the recent increase in the number of lawsuits aganist auditors and the size of awards to plaintiffs.
smelly perfume company manufactures and distributes several different products. they currently use a plant-wide
Micron owns 3,000 shares of JVT. JVT has 25,000 total shares of stock outstanding. JVT paid $3 per share in cash dividends to its stockholders. Micron should record a:
Calculate the ROI for Hercules. Use operating income and net book value of assets as the measures for income and investment respectively.
watts and zimmermans positive accounting theory isa. one of several normative theories of accounting b. one of
Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
On January 1, 2009, the balance in Great Lakes Co.'s Allowance for Bad Debts account was $5,200. During the year, a total of $3,500 of delinquent accounts receivable were written off as bad debts. The balance in the Allowance for Bad Debts account..
Phyllis believes that the firm should use straight-line depreciation for a capital project because it results in higher net income during the early years of the project's life.
P Corporation acquired 80% of S Corporation on January 1, 2011 for $240,000 cash when S's stockholders' equity consisted of $100,000 of Common Stock and $30,000 of Retained Earnings. The difference between the price paid by P and the underlying eq..
for the coming year swain company estimates fixed costs at70000 the unit variable cost at 15 and the unit selling
an important feature of a job order cost system is that each job must be completed before a new job is
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