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The first audit of the books of Fenimore Company was made for the year ended December 31, 2010. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled in the last 3 years. Instructions: Prepare the journal entries necessary in 2010 to correct the books for the following items, assuming that the books have not been closed. Disregard effects of corrections on income tax. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round your answers to 0 decimal places. If no entry is required enter "No Entry" for the account and 0 for the amount.) 1. At the beginning of 2008, the company purchased a machine for $510,000 (salvage value of $51,000) that had a useful life of 5 years. The bookkeeper used straight-line depreciation, but failed to deduct the salvage value in computing the depreciation base for the 3 years.
During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and dependent care expenses.
Purpose a vertical analysis of the income statement showing appropriate percentages for each item listed above. and what additional information would you need to determine whether these percentages are good or bad?
Equivalent production for the month was 4,400 units. At what stage of completion were the unfinished units at the end of the month?
prepare the journal entry to record pension expense, gains or losses, prior service cost, funding, and payment of benefits for 2011. what amount will electronic distribution report in its 2011 balance sheet as a net pension asset or net pension liab..
Explain the Purpose of Production report in Process Costing and Determine the main function of the process costing production cost report?
Concept of accounting for merchandise through short questions and journal entries - Which one of the following factors would not lead to a presumption that the local currency of a foreign subsidiary is the functional currency?
Show Conclusions you draw on face of financial Statements - Cash flow statement analysis is a very important part of analyzing a company's overall financial health.
Trepid then prepared a flexible budget at 38,000 labor hours. How much is total overhead costs at this level of activity?
X-Perience's accountants predict that purchasing the bindings from Livingston will enable the company to avoid $1,800 of fixed overhead. Purpose an analysis to show whether X-Perience should make or buy the bindings.
Illustrate what are the tax consequences to both Lotta and Meg(show the 4 portions of the deemed transaction along with the imputed amounts) for 2011?
Bank-Reconciliation-Statement - Purpose a bank reconciliation for December, 2009.
Determine the ending balance of unadjusted the trial and what is the ending balance of the cash account
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