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Exercise 3-10 Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. 31, 2012 Debit Credit Cash $24,350 Prepaid Insurance 9,250 Supplies 7,350 Land 27,000 Buildings 127,000 Equipment 23,000 Accounts Payable $9,250 Unearned Rent Revenue 9,350 Mortgage Payable 57,000 Common Stock 111,750 Dividends 5,000 Rent Revenue 93,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $280,550 $280,550Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2012. 2. An inventory count on August 31 shows $712 of supplies on hand. 3. Annual depreciation rates are(a) buildings (4%)(b) equipment (10%).Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,029 was earned prior to August 31. 5. Salaries of $431 were unpaid at August 31. 6. Rentals of $891 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year.
1.lloyd christmas ltd.s accounting records reflect the following account balances
money that an employer has advanced an employee is classified on the employers books as an answer employee account
At January 1, 2011, a company had a net valuation allowance account credit balance for investments in securities available-for-sale of $20,000. At December 31, 2011, the total cost of the relevant portfolio was $300,000, and total market value was..
General journal for governmental activities at the government-wide level - Program Revenues-General Government-Operating Grants and Contributions
prepare a multiple-step income statement and a retained earnings statement. American horse company decided to discontinue its entire wholesale operatoins and to retain its manufacturing operations.
A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?
Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Spor..
el tapitio purchased restaurant furniture on september 1 2012 for 36400. residual value at the end of an estimated
fallgatter inc. expects to sell 17500 units. each unit requires 3 pounds of direct materials at 12 per pound and 2
What should you do? Identify the CEPROC statutes you should consider in dealing with this ethical dilemma
Calculate the ROI for Hercules. Use operating income and net book value of assets as the measures for income and investment respectively.
Instead of investing the entire $1,000,000, Lee invests $300,000 today and plans to make 9 equal annual investments into the fund beginning one year from today. What amount should the payments be if Lee plans to establish the $1,898,000 foundation..
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