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Prepare the adjusting journal entries needed (if any) on December 31, 2013. AJE's are only prepared at year end (December 31). 1.On July 31, 2013, the company paid a two-year premium of $18,000 on an insurance policy that is effective June 1, 2013, and expires May 31, 2015.2.The company received $48,000 on May 1, 2013, in return for which the company agreed to provide consulting services for 12 months beginning immediately.3.Employees work Monday through Friday, and salaries of $3,500 per week are paid each Friday. This year December 31 is a Thursday.4.on June 15, the company purchased $1,300 of supplies for cash. On September 14, the company made another cash purchase of $2,100. As of December 31, the company accountant determined that $1,600 of supplies were on hand at year end. 5.The company received a note from a customer on May 31, 2013, as payment for services. The amount of the note is $20,000 with interest at 8%. The note and interest will be paid on May 31, 2014.
Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%.
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
Record the 2011 entries for the purchase of the machine and the lease on the books of Grande machinery and for Sunshine Engineering.
Will Company's independent CPA discovered that the ending inventory for 20B had been overstated by the company $2,000. Before the correction, what was the effect in the 20B income statement because of the overstatement of the ending inventory
Which of the following approaches is most suitable for auditing the finance and investment cycle?
Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.
The quantity demanded falls to 300 units per week. Use the formula for arc elasticity to compute elasticity along this portion of the curve.
Conduct research on the selected securities (Ford and UPS) Analyze the organizations' 10K and investment reports, general economic data, and Federal Reserve data.
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
How would the declaration of a liquidating dividend by a corporation affect each of the following?
What is the purpose of a deposition at the trial phase?
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