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1. For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.
(a) The adjustment of $8,175 for accrued fees earned was journalized as a debit to Accounts Receivable for $8,175 and a credit to Fees Earned for $8,157.
(b) The adjustment of depreciation of $2,700 was omitted from the end-of-period adjusting entries.
Shareholders in closely held corporations often engage in transactions designed to minimize the double taxation effect of C corporations. Briefly describe the double taxation effect and explain some of the ways double taxation can be minimized.
Aaron Company has a process costing system. All materials are introduced when conversion costs reach 50 percent. The following information is available for physical units during March.
Jim is a department manager at a local department store. He took statistics and operations management in college and has recently forecast sales of toasters using a combination of forecasting methods and his expertise/experiences as below
Rose Industries has taken a 20 million loan that must be paid back by the end of the year. Unfortunately, the company and its assets will only be worth 15 million by that time.
In a memo to your new assistant, Susan Thompson, explain to her the similarities and differences between financial and managerial accounting.
At the beginning of 2010, the Brent Company amended its defined benefit pension plan.
The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012.What was General's coupon promotion expense in 2011?
the balance sheets at the end of each of the first two years of operations indicate the following 2006 2005 total
What were the strengths and weaknesses of Trinity's practice-based bottom-up approach? How effective was it? What would you recommend it should have done differently in Year 1? Defend your response.
determining financial statement effects of transactions involving notes payable many businesses borrow money during
manning company issued 10000 shares of its 5 par value common stock having a market value of 25 per share and 15000
as part of your financial planning you wish to purchase a new car exactly 5 years from today. the car you wish to
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