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Valmont, Inc. experienced the following events in 2012, in its first year of operation. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid utility expense of $12,500. 4. Collected $39,000 of the accounts receivable. 5. Recorded $9,000 of accrued salaries at the end of the year. 6. Paid a $5,000 cash dividend to the shareholders. a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. b. Prepare the income statement, statement of changes in stockholder's equity, balance sheet, and statement of cash flows for the 2012 accounting period. c. Why is the amount of net income different from the amount of net cash flow from operating activities?
tavorn corporation applies manufacturing overhead to products on the basis of standard machine-hours. the companys
Prepare Journal Entries for the government based on the production of fund-based financial statements. Than prepare JE entries in anticipation of preparing governement-wide financial statements. Before each JE state which fund the JE is recorded i..
Calculate the inventory turnover ratio and days in inventory and calculate the current ratio based on LIFO inventory.
The company uses the FIFO cost flow assumption .
who are the users of financial statements? how would users differ in their views of the financial statements? why would
Determine the equivalent units of production for materials and conversion costs by compiling the "Quantity Schedule and Equivalent Units" portion of the production report.
The entity's balance date is 30 June, and it uses the straight-line method of depreciation. On 1 July 2011, the value is use was estimated to be $45,000 and the net selling price was $48,750. Prepare the journal entries in relation to the equipmen..
On the date the stock is sold the market price is 12 a share. What is the basis that Judd must use in computing any gains and losses on the sale and what is the amount of gain or loss he must recognize in 2010?
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
at the beginning of june cornerstone printing company budgeted 10000 books to be printed in june at standard direct
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results-net income for the current year-over long-term success and company survival.
Sunshine Service Center received a 120-day, 6% note for $40,000,dated April 12 from a customer on account. Assume a 360 day year. Journalize the entry to record the receipt of the payment of the note at maturity.
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