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John Smith started a consulting business and completed the following transactions during January 2011. Journalize the transactions. Explanations are not required.
1. John incorporated the business, Consulting Inc., and invested $10,000 for common stock.
2. Paid $3,000 monthly rent for office space.
3. Purchased $5,000 of office equipment, paying cash.
4. Recorded $2,000 of revenue, receiving cash.
5. Collected cash from a customer on account, $800.
Evaluate the reasons for the selection of the cost drivers in the discussion above and the potential impact the cost drivers will have on accurately reflecting costs and overall performance of the business.
Compute turnover rates for 2011 and 2010 for the following: (a) Finished Goods (b) Goods in process (c) Raw Materials
Suppose Asset A has an expected return of 10% and a standard deviation of 20%. Asset B has an expected return of 16% and a standard deviation of 40%. I f the correlation between A and B is 0.35, what are the expected return and standard deviation ..
Hazel has investments in two nonrental passive activities: What is the total of Hazel's suspended losses from these activities?
On that date, when the market price of Oliver was $14 per share, there were 180,000 shares of Gibbs outstanding. What NET reduction in retained earnings would result from this property dividend?
Dublin Co. holds a 30% stake in Club Co. which was purchased in 2011 at a cost of $3,000,000. After applying the equity method, the Investment in Club Co. account has a balance of $3,040,000. At December 31, 2011 the fair value of the investment i..
Foster Corporation issued a $100,000, 10-year, 10 percent bond on January 1, 2010, for $112,000. Foster uses the straight-line method of amortization. On April 1, 2013, Foster reacquired the bonds for retirement when they were selling at 102 on th..
In 2011, Father sold land to Son for $150,000 cash and an installment note for $450,000 due in 2015. Father's basis was $240,000. In 2012, after paying $27,000 interest but nothing on the principal, Son sold the land for $600,000 cash. As a result..
Leslie died on October 31, 2011. Prior to 2009, Leslie had never made any gifts, but in 2010 she made some transfers. Specifically, on January 10, 2010, Leslie gave her vacation beach house to her five children as tenants in common.
Clerks are instructed to place the returned merchandise on the proper rack on the selling floor as soon as possible. This year, returns at Anasazi Earth Clothing have reached an all-time high. There are a large number of returns under $100 without..
A finance company advertise that it will pay kump sum of rs 10000 at the end of 6 years to investor who deposit annually Rs1000. what interest rate is implicit in this offer?
Your goal is to create a two-security portfolio that will have an expected return of 12%. If you have $250,000 to invest today, approximately how much would you invest in Stock A?
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