The same lawyer representing a different client in a civil

Assignment Help Accounting Basics
Reference no: EM13485737

The same lawyer representing a different client in a civil manner was victorious and will be receiving a contingent fee of $50,000 when the defendant pays the court ordered damages to the plaintiff (the lawyers client). Prepare the adjusting entry needed to record this transaction.

Reference no: EM13485737

Questions Cloud

On jan 1 2012 wilcox purchased 1000 of the 12000 : below is information regarding the investment portfolio of wilcox corp. use the straight-line method to amortize any
Eplain in words the roce test for the advisability of : explain in words the roce test for the advisability of adding leverage. that is what is the test really telling us?
Ryans operations are divided into metal casting and metal : ryans operations are divided into metal casting and metal finishing. the casting department uses a departmental
Explain the difference between a fixed and a variable cost : explain the difference between a fixed and a variable cost. how do these concepts change as the time horizon
The same lawyer representing a different client in a civil : the same lawyer representing a different client in a civil manner was victorious and will be receiving a contingent fee
The user of leverage might be thought of as taking : the user of leverage might be thought of as taking advantage of the provider. between stockholders and bondholders
A company pays its insurance on an annual basis the : a company pays its insurance on an annual basis. the insurance premiums are 18000 per year. the insurance coverage
The central issue underlying the study of leverage is : the central issue underlying the study of leverage is whether or not it influences stock price and whether theres an
In good form prepare a schedule showing all expenses : a company entered into a franchise agreement to operate a franchised location beginning on january 1 2014. the terms of

Reviews

Write a Review

Accounting Basics Questions & Answers

  Non-deductible personal interest

Upon audit, the IRS disallowed the interest deduction, classifying it a non-deductible personal interest. Donald believes and has asked you to find support for the deduction.

  Information regarding trading securities

On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2006 Investments (Trading) Cost Fair Value Unrealized Gain

  How should the gain be treated

During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?

  A major drug company anticipates that in future years it

a major drug company anticipates that in future years it could be involved in litigation regarding perceived side

  Calculate and record the gain or loss on the sale

Sold 280 shares of sohn corporation common stock for $28.00 per share. the shares were originally purchased on july 11, 2013 for $22.00 per share plus a commission of $62. Central brokerage retained a commission of $72 on the sale and forwarde..

  What is the amount of the cash discount allowable

Merchandise subject to terms 1/10 n/30, FOB shipping point, is sold on account to a customer for $18,000. The seller paid transportation cost pf $1000 and issued a credit memorandum for $5,000 prior to payment. What is the amount of the cash disco..

  Actual factory overhead for that period was rs 42000

factory overhead absorption rate of a pharmaceutical is rs2.50. budgeted factory overhead at two activity levels is

  Explain how a strategic understanding of client business

Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement.

  Sample accounting journal entries for step of lay-a-way plan

Prepare sample accounting journal entries for each step of the lay-a-way plan. Add any accounts to the company's chart of account that are needed. State if the added account(s) are assets, liabilities, revenue, expense, ect.

  The audit of the financial statements of sango ltd a

the audit of the financial statements of sango ltd. a closely held company which manufactures and distributes a line of

  Truffles company purchased merchandise on account from a

truffles company purchased merchandise on account from a supplier for 6500 terms 210 net 30. truffles returned 1500 of

  Which one of following statements describes the rules about

which one of the following statements describes the rules about posting transactions into t-accounts in the ledger? for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd