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You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.
• Explain why adjusting entries are necessary.
• Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each.
• Describe how these entries would be recorded in a computerized accounting system.
• Describe 2 ethical issues that could result from the preparation of these manufacturing entries.
Blaine Inc. shows the following data relating to its pension plan for 2011:
Wilson Co. has an agreement with the sales manager taht she is to recieve a bonus of 5% of net income after deduction of the bonus and income taxes. COmpany income before deduction of the bonus and income taxes is $250,000. Income taxes are 30% an..
What is the budgeted net income for February.
Marketability Commercial banks use some funds to purchase securities and other funds to make loans. Why are the securities more marketable than loans in the secondary market?
In Walker's December 31, Year 1 elimination of the intercompany sales transaction, the intercompany profit that must be eliminated from ending inventory is:
What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?
Prepare in journal form, without explanations, the end of month adjusting entries for Flop's Copy Shop for the month of September. Prepare a partial adjusted trial balance for the accounts provided.
Matching principle because the cash was paid in 2010 and should be expensed in 2010. Matching principle because depreciation expense should be $8,000.
Calculate Golden Gate Construction Associates' weighted-average cost of capital.
What are John's deductions for 2010 and 2011 based on the above information if 1) the car was used for personal property and 2) business property?
Hendrickson Corporation reported net income of $50,000 in 2010. Depreciation expense was $17,000. The following working capital accounts changed. Compute net cash provided by operating activities.
Yale requires a modification of the design that will allow a $4 reduction in direct-material cost.
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