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Selected transactions for Protheroe Corporation during its first month in business are presented below. 1. Journalize these transactions. 2. Post the following transactions to T-Accounts. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 5 Purchased equipment for $9,010, paying $3,710 in cash and the balance on account. 8 Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $2,920 cash on balance owed for equipment. 30 Paid $970 cash dividend.
(a) Determine corrected net incomes for 2009, 2010, and 2011. (b) Give the entry to bring the books of the company up to date in 2012, assuming that the books have been closed for 2011.
In 2010, Clair, a calendar-year taxpayer, purchased business equipment (7-year property) for $700,000. The property was placed in service during 2010 (and is being used exclusively in Clair's extremely profitable business).
The fair value of which of the following was determined using a Level 3 input? A building whose price per square foot is derived from prices in observed transactions involving similar buildings in similar locations.
The compressor cost $10,000 and is expected to last five years. Assuming that the compressor has a salvage value of $2,500, calculate its 2008 depreciation under the straight line method?
Which of the following is not treated as a change in accounting principle? A) A change from LIFO to FIFO for inventory valuation B) A change to a different method of depreciation for plant assets
Xu Company is considering replacing one of its manufacturing machines. The machine has a book value of $45,000 and a remaining useful life of 4 years, at which time its salvage value will be zero.
The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of product are as follows:
During the first week in November, Erin Mills worked 45 ½ hours and produced 1,275 units under a piece-rate system. The regular piece rate is $0.35 a unit. Mills is paid overtime according to the FLSA ruling for overtime work under piece-rate syst..
For 2007 Mossland Corporation reported gross profit $100,000; net income of $24,000; sales $500,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 profit margin?
Can Microsoft Access serve as a corporate database solution, or is it strictly a personal database solution? What might be the difference between a personal and corporate database solution?
Compute the failure to pay and failure to file penalties for John, who filed his 2010 income tax return on October 20, 2011, paying the $30000 amount due at that time.
Prepare journal entries that should be recorded as a result of each of the above contingencies. If no journal entry is needed, briefly explain why.
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