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Journalize the transactions June 5. Purchased additional office equipment on account from Crawford Company, $1,800. June 6. Received cash from clients on account, $800. June 10. Paid cash for a newspaper advertisement to run during June, $120. June 12. Paid Crawford Company for part of the debt incurred on June 5, $800. June 12. Recorded services provided on account for the period June 1 to June 12, $2,250. June 14. Paid part-time receptionist for 2 weeks' salary, $400. (Note: Ignore any payroll tax or withholdings). June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $3,175. June 18. Paid cash for supplies, $750. June 20. Recorded services provided on account for the period June 13-20, $1,100. June 24. Recorded cash from cash clients for fees earned for the period June 17-24, $1,850. June 26. Received cash from clients on account, $1,600. June 27. Paid part-time receptionist for two weeks' salary, $400. (Note: Ignore any payroll tax or withholdings). June 29. Paid telephone bill for June, $130.
The employee worked in Starbuck's Information Technology Department. RAD Services Inc. charged Starbucks as much as $429,800 for consulting services in a single week. For such a fraud to have taken place, certain control activities were likely no..
Assume you are planning to start a new business that will sell innovative consumer products via an online store. You will be pitching your idea to potential investors with the goal of securing funding. Your investors are very savvy and want to review..
Archware Systems has total assets of $35.594 billion, total debt of $9.678 billion, and net sales of $23.300 billion. Their net profit margin for the year was 0.23, while the operating profit margin was 30 percent. What is Archware’s net income? (Ans..
An unmarried taxpayer with no dependents who takes the standard deduction, has taxable income of $75,000. He is not entitled to any tax credits. Show the calculation of his 2015 tax liability. What is the marginal tax rate of the taxpayer from the pr..
XYZ is a calendar year, accrual basis C corporation headquartered in St. Paul that provides advertising services to tour and travel companies. Prepare the journal entry to record XYZ’s 2016 federal income tax expense, federal income tax payable, and ..
During its first year of operations, Beta Company paid $31,750 for direct materials and $18,500 in wages for production workers. Lease payments and utilities on the production facilities amounted to $7,500. General, selling, and administrative expens..
journal entries for notes payable interest expense etc.on nov. 1 aspen sports borrowed 75000 from chase bank on a 12
SVI is a large securities dealer. Last year, the company made 520,000 trades with an average commission of $23. Because of the general economic climate, SVI expects trade volume to decline by 12 percent. Estimate SVI’s commission revenues for the com..
Calculate the break-even point for LaTricia Jones' toy company under each of the two different scenarios using a spreadsheet program such as Excel. Be sure to apply the appropriate accounting process to determine the break-even points.
Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500. Prepare the entry to record Nichols"s investment in the pa..
Hoover, Inc. had gross receipts from operations of $230,000, operating and other expenses of $210,000, and dividends received from a 55 percent-owned domestic corporation of $120,000. Hoover's tax position for the year is:
The partners anticipated that expenses required to liquidate their partnership would amount to $6,000. Capital balances were as follows: Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at th..
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