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Accounting
1. Prepare journal entries for the following transactions
a. Acquired computer supplies on account for $800.
b. Paid cash for advertisements of $700
c. Collected commissions of $900 on the sale of a house.
d. Paid $600 for the purchase of computer supplies in a above.
e. Recorded computer supplies used of $300.
Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $58 million. Construction costs incurred in the first year were $48 million and estimated remaining costs to complete at the end of the year were $29 mil..
The standard rate of pay is $20 per direct labor hour. If the actual direct labor payroll was $117,600 for 6,000 direct labor hours worked, the direct labor rate variance is. A favorable variance. The standard quantity allowed for the units produced ..
Vandel Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 1,600 units are planned to be sold in April. The variable selling and administrative expense is $4.70 per unit. The budgeted fixed selling ..
In 2008 he replaced the entire roof for $12,000 and also paid $2,000 for repairs to the inside of the rental. Thus far, Jared deducted $18,440 for depreciation. What is Jarred's realized and recognized gain or loss on this sale?
On December 31, 2010, before the books were closed, the management and accountants of Baker Inc made the following determinations about 2 of its depreciable assets: Prepare all necessary journal entries in 2010 for the above determinations. Distingui..
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Conard Corp. uncovered the following items.
Describe how the analysis is to be performed and show all computations needed to arrive at the correct answer.
Explain the purpose of consolidated financial statements. Why does depreciation appear as a line item in the reconciliation of operating profit with cash flow?
Consider study problem 2-48, the racetrack problem, and its current plan - contribution margin of $2.70 per customer and total fixed costs of $1,080,000. Management is considering a new plan for next year that would increase both the admission price ..
Compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of corporate distributions: ordinary dividends, stock redemptions, and complete liquidations.
For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $170,800?
What is the company's cost of common equity if all of its equity comes from retained earnings? If the company issued new stock, it would incur a 8.5% floatation cost. What would be the cost of equity from new stock?
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