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Royston Realty reported the following accounts on its income statement:
Commisions earned 54,000 Travel and Entertainment 4,500
Real estate board fees paid 5,000 Insurance Expired 780
Computer line charge 864 Advertising Expense 1,460
Depreciation on computer 450 Office supplies used 940
Car expenses 2,200
1. Prepare the neccessary entries to close the temporary accounts
2. Explain why the closing entries are necessary and when they should be recorded
the company had 100000 shares of common stock outstanding on january 1. in addition as of january 1 the company had
Grants an option to H
gainer corporation makes a mechanical stuffed alligator that sings the mexican national anthem. the following
leno co. prepares monthly financial statements from a worksheet. selected portions of the january worksheet showed the
locate the 2003 consolidated statements of cash flows for 1-800 contacts inc. net income for this company is on a
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
What was the affect of unethical behavior on the profitability of the company?
On November 1, Prince Vacuum Company offered special early retirement benefits to those employees who were eligible. This program was in effect until year-end. Prince should recognize a liability and an expense related to these special termination..
determine for the current year the rate earned on total assets rate earned on stockholders equity rate earned on common
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
Several years ago, Joy acquired a passive activity. Until 2006, the activity was profitable. Joy's at-risk amount at the beginning of 2006 was $250,000. The activity produced losses of $100,000 in 2006, $80,000 in 2007, and $90,000 in 2008. During..
If your are one of the audit team members who is auditing Starbucks company, suggest some procedures you think the audit team would use to complete their audit work on the the inventory accounts on the balance sheet of Starbucks company.
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