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Question:
QUESTION 1.
Jones company purchases land and building for $1,000,000
Fair market value are : Landing $300,000 and Building $900,000
Prepare the journal entry to record the purchase.
Question 2.
Payroll for ABE co. is as follows:
Gross salaries $100,000
FICA $6,200
Medicare $1,450
Federal Taxes $20,000
MA Taxes $5,000
Federal unemployment 1%
MA unemployment 7%
Prepare journal entries to record payroll and payroll taxes.
Lake Corp., a newly organized company, reported pretax financial income of $100,000 for 20X0. Among the items reported in Lake's 20X0 income statement are the following: Premium on officer's life insurance with Lake as owner and beneficiary of $15,00..
Ajax Ltd reported Net Income of $435m in 2013, after providing for $186m in tax at a rate of 30%. Interest Expense was $56m and Depreciation was $32m. Calculate the free cash flow generated by Ajax Ltd in 2013.
Prepare general journal entries to record the above transactions and the depreciation journal entries required at the end of each reporting period up to June 2014 and critically evaluate the companys adoption of the new accounting policy.
Discuss d oes your client have a liability that should be recorded at December 31? Prepare a journal entry(ies), if required, to reflect any accounting adjustment required. Assume a perpetual inventory system is used by your client.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years.
On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing state..
exerciselang enterprises was started when it acquired 4000 cash from creditors and 6000 from owners. the company
Advise what the correct accounting treatment would be to record these transactions - however the amount of the damages will not be decided until 30th September 2014.
Explain to a non-accountant how to read and understand the statement of financial position (balance sheet) and income statement (profit and loss account) you have prepared.
Calculate the profitability ratios that can be computed from the above information and prepare a common size comparative balance sheet.
John worked for ABC corp. and earned a salary of $100,000. John also received, as a fringe benefit, group-term life insurance at twice his salary. Assume the annual IRS established uniform cost of insurance is 2.75 per $1,000. What amount must John r..
The perpetual inventory method of tracking inventory is considered superior to the periodic method because the perpetual method: In order to calculate shrinkage:
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