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1.On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account.Required:1. Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2013. (Ignore income taxes.)2. Prepare the journal entry to correct the error assuming it is not discovered until early 2014. (Ignore income taxes.)
anitas art allery sells pictures for 50 each. she pays 20 for the print and frame and pays the sales clerk 10 as
Lee Manufacturing Corporation was incorporated on January 3, 2009.The corporation's financial statements for its first year's operations were not examined by a CPA. You have been engaged to examine the financial statements for the year ended December..
Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnin..
Cloud-based computing allows businesses to store and access large amounts of data over the Internet rather than on in-house computer hard drives. There are several cloud-based data solutions currently available in the marketplace.
What are the tax consequences of the corporate formation transaction?
santana rey is considering the purchase of equipment for business solutions that would allow the company to add a new
sissac catering uses two measures of activity jobs and meals in the cost formulas in its budgets and performance
juanita martinez is ready to retire and has a choice of three pension plans. plan a provides for an immediate cash
Describe which net assets are included in each category. Would board-designated net assets be reported as temporary restricted net assets?
Indicate whether the imputed interest rules should apply in the following situations. Assume that all of the loans were made at the beginning of the tax year unless otherwise indicated. If an amount is zero, enter "0".
team shirts had a return on equity of 23. average shareholders equity for the corporation was 123000. there were 45000
eugene wright is cfo of caribbean cruise lines. the company designs and manufactures luxury boats. its near year-end
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