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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.
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.
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
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 could be involved in litigation regarding perceived side
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..
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..
factory overhead absorption rate of a pharmaceutical is rs2.50. budgeted factory overhead at two activity levels is
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.
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 closely held company which manufactures and distributes a line of
truffles company purchased merchandise on account from a supplier for 6500 terms 210 net 30. truffles returned 1500 of
which one of the following statements describes the rules about posting transactions into t-accounts in the ledger? for
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