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1. If a check correctly written and paid by the bank for $628 is incorrectly recorded on the company's books for $682, the appropriate treatment on the bank reconciliation would be tosubtract $54 from the book's balance.deduct $54 from the bank's balance.deduct $628 from the book's balance.add $54 to the book's balance.2. A $200 petty cash fund has cash of $37 and receipts of $160. The journal entry to replenish the account would include acredit to Cash for $160.debit to Cash Over and Short for $3.debit to Cash for $160.credit to Petty Cash for $163.3. A $200 petty cash fund has cash of $26 and receipts of $170. The journal entry to replenish the account would includecredit to Cash for $174.debit to Petty Cash for $174.credit to Petty Cash for $170.debit to Cash for $170.4.The expense recognition principle relates to credit losses by stating that bad debt expense should be recordedin the period of the sale.or an exact amount.in the period of the loss.in the same period as allowed for tax purposes.5. Equipment with a cost of $225,000 has an estimated salvage value of $15,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours?$56,700.$56,250.$54,375.$52,500. Required minimum-1 page
Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
If a devious company wanted to get the highest possible near-term earnings after acquisition, which asset and liability allocation would be maximized and minimized and why?
Assume that real risk-free rate = 3%. Inflation rate is expected to be 8% in year 1, 5% in year 2, and 4% thereafter. Also assume that all T-bonds are highly liquid and free of default risk. If 2-year T-bond yields 13%, what is the maturity risk p..
On November 4, 2009, Blue Company acquired an asset (27.5 year residential real property) for $200,000 for use in its business. In 2009 and 2010, respectively, Blue took $642 and $5,128 of cost recovery.
What was the amount of cash payments to stockholders during the year?
A Statement of Cash Flow is the statement which demostrate inflow and outflows of cash and cash equivalents of an enterprise during the particular period.
How will foreign standards affect your audit plan and sampling techniques used to validate original transactions?
Evaluate the accounting ethics of creating, initiating, or adjusting transactions to repatriate excess cash for multinational firms in transfer pricing decisions and suggest a way that this practice may be implemented.
Compare the equity technique of accounting to the fair value technique for equity securities. In what cases would you employ each?
Brown Enterprises' bonds currently sell for $1,025. They have a 9-year maturity, an annual coupon of $80, and a par value of $1,000. What is their yield to maturity?
Fixed costs are $400,000 and the contribution margin per unit is $80. What is the break-even point?
Leonard received $150,000 insurance proceeds and deducted a $50,000 casualty loss. What is Leonard's basis in the building before any repairs are made?
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