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1.Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through d and the adjusting entries as of its December 31 period end for items e through g.
a. Supplies are purchased on December 1 for $2,000 cash.b. The company prepaid its insurance premiums for $1,540 cash on December 2.c. On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work.d. On December 28, the company receives $3,700 cash from another customer for remodeling work to be performed in January.e. A physical count on December 31 indicates that the Company has $1,840 of supplies available.f. An analysis of the insurance policies in effect on December 31 shows that $340 of insurance coverage had expired.g. As of December 31, only one remodeling project has been worked on and completed. The $5,570 fee for this project had been received in advance.
A hybrid security is neither debt nor equity but instead derives its value from an nderlying asset. Preferred stock is considered a hybrid security because it blends the characteristics of both debt and equity, A hybrid security is a form of debt or ..
Compute net cash provided by operating activities using the indirect method assuming that net income is $180,980.
At the beginning of the year, Keller Company's liabilities equal $60,000. During the year, assets increase by $80,000, and at year-end assets equal $180,000. Liabilities decrease $10,000 during the year. What are beginning and ending amounts of ..
Which cost is a period cost?
Premier Bank and Trust is giving Alou Company a loan. Before doing so, management decides that added discussions with Alou's accountant may be desirable.
Is the company financed mainly by creditors or stockholders? Which financial statement indicates this? By how much did cash increase (decrease)? Which financial statement would report the reasons for this change in cash? Was the company profitable? W..
Be sure to include an evaluation of the Footnote disclosures regarding Lucent's inventories in your examination. Does the explanation for the earnings shortfall provided by Lucent's managers make sense in light of your analysis?
What guidance would you give a new project manager on selecting the most appropriate methodology, tools, and techniques for a project?
Finley Corp had income from continuing operations of $11,200,000 in 2014. During 2014, it disposed of its restaurant division at an after tax loss of $206,300. Prior to disposal the division operated at a loss of $393,700 (net of tax) in 2014. Finley..
on the first day of its fiscal year ramsey company issued 35000000 of 10-year 9 bonds to finance its operations.
On April 2, 2013, Montana Mining Co. pays $4,867,330 for an ore deposit containing 1,507,000 tons. The company installs machinery in the mine costing $218,500, with an estimated seven-year life and no salvage value. Record the year-end adjusting entr..
company a get 60 of the share of company b in december 2012 joy is a accountant who work in company a he could take in
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