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In the journal provided, prepare adjusting entries for the following items. Omit explanations. a. Unrecorded interest on savings bonds is $680. b. Property taxes incurred but not paid or recorded amount to $540. c. Legal fees of $5,000 were collected in advance. By year end, 60 percent were still unearned. d. Prepaid Insurance had a $1,600 debit balance prior to adjustment. By year end, 40 percent was still unexpired. e. Salaries incurred by year end but not yet paid or recorded amounted to $1,375. f. Services totaling $900 have been performed but not yet recorded or billed. ANS: General Journal Page 1 Date Description Post. Ref. Debit Credit a. Interest Receivable Interest Income b. Property Taxes Expense Property Taxes Payable c. Unearned Legal Fees Legal Fees Earned d. Insurance Expense Prepaid Insurance e. Salaries Expense Salaries Payable f. Accounts Receivable Service Revenue Earned.
Compute the annual depreciation and carrying value for the new crane for each of the six years (round to the nearest dollar where necessary) under the double declining method. Round all intermediate percentage calculations to two decimal places.
Calculate variances for material, labor, and overhead. Prepare a summary of the variances. Does the unfavorable overhead volume variance suggest that overhead cost are out of control?
The corporation owns five percent of the stock of the company paying the dividends. Based on these facts, how much of these amounts is taxable?
information on huntington power co. is shown below. consider the companys tax rate is 33 . debt 5500 5 coupon bonds
For every control issue, prepare a Yes/No question such that a "No" answer signifies a control weakness. For example, one question might be "Are supporting documents, such as purchase orders and receiving reports, marked ‘paid' when a check is iss..
Can the payee of a negotiable instrument be a holder in due course and Against whom can the maker of a note successfully assert a personal defense?
Wilson Corporation is issuing $200,000 of 12%, 5-year bonds when potential bond investors want a return of 10%. Interest is payable semi-annually. Calculate the issue price (present value) of the bond.
Avatar Company uses the direct method to prepare its statement of cash flows. Please refer to the following financial statement information for the year 2014: On Avatar's statement of cash flows, using the direct method, what amount will be shown for..
Required: Prepare income statements for both years using both absorption and variable costing methods.
computer equipment office equipment purchased 6 12 years ago for 170000 with an estimated life of 8 years and a
Prepare a scenario that is consistent with setting the risk of incorrect acceptance at 37 %. Choose a PPS sample of the above inventory population using the sample size determined in above.
Amos could borrow $104,000from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?
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