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The ledger of Danieal Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 8,640 Supplies 3,198 Equipment 19,375 Accumulated Depreciation-Equipment $ 6,820 Notes Payable 25,000 Unearned Rent Revenue 9,300 Rent Revenue 59,339 Interest Expense 0 Salaries and Wages Expense 15,808 An analysis of the accounts shows the following 1. The equipment depreciates $310 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest of $625 is accrued on the notes payable. 4. Supplies on hand total $759. 5. Insurance expires at the rate of $480 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
If 15,000 units of the new product could be sold at $16.00 per unit, and the company's other business did not change, calculate the company's total operating income and average contribution margin ratio. (The new product adds an additional $37,800..
What are the different measures of the Pension Obligation. What are the similarities/differences between these methods and why is the Projected Benefit Obligation FASB's choice?
In the preparation of the 2006 consolidated financial statements, what is the dollar amount of the worksheet elimination to 2006 Retained Earnings with respect to this transaction?
The text book says that Maria owns 100% of stock with adjusted basis of $52,000 she recieves a cash distribution of $250,000 from the company when its earnings and profits are $100,000. What is Maria's dividend income?
Firms A and B are identical except for their level of debt and the interest rates they pay on debt. Each has $2 million in assets, $400,000 of EBIT, and has a 40% tax rate.
They evaluate financial and information systems, management procedures, and internal controls to determine whether records are complete and whether or not sufficient controls are in place. What do you think would be the internal auditors' principa..
A company reports the following beginning inventory and purchases for January. On January 26, 355 units were sold. What is the cost of the 160 units that remain in ending inventory
The particular analytical measures chosen to analyze a company may be influenced by all but one of the following. Which one?
Given these exact figures above, the dollar value of Whitewater's "earnings before interest and taxes" would ____ if the Canadian dollar appreciates; the dollar value of Whitewater's cash flows would ____ if the Canadian dollar appreciates.
A debit balance in the Allowance for Doubtful Accounts
prepare the journal entry (if any) to record the sale on January 2, 2012 shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to ricard?
how does a government budget surplus affect the u.s. economy? identify two periods in recent history in which the
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