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Karla Tanner opens a web consulting business called Linkworks and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Apr. 1 Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. Apr. 2 The company prepaid $9,000 cash for twelve months' rent for office space. The company's policy is to record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $4,000 cash. Apr. 9 The company completed a $6,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $2,400 cash for the premium on a 12month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Apr. 22 The company received $4,400 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $2,890 on credit. Apr. 28 The company paid $5,500 cash in dividends. Apr. 29 The company purchased $600 of additional office supplies on credit. Apr. 30 The company paid $435 cash for this month's utility bill.
Calculate the fixed asset turnover, the accounts receivable turnover, and the inventory turnover. The formula for fixed asset turnover is Net income divided by net fixed assets. Explain each turnover.
collier bicycles has been manufacturing its own wheels for its bikes. the company is operating at 100 capacity and
company is considering two different mutually exclusive capital expenditure proposals. project a will cost 473200 has
A perpetual inventory system
Fill in the blanks for each missing value Which company has the lowest breakeven point in sales dollars?What causes the low breakeven point?
What percentage increase in sales would enable the company to reach its goal? Support your answer with a pro forma income statement.
Find a newspaper or magazine even online and select an article relating to the use of governmental funds by state, county, local government, etc on an activity.
Compute the gain or loss recognized by Corporation P if the amount realized on the sale is (1) $175,000, (2) $120,000, or (3) $95,000.
compute the amount of a lease payment where a five 5 year lease is signed on april 24 2014 and is to be repaid in
Based on the ratios computed in Requirements a and b, which company had the better solvency in 2010?
the financial statements for a company included the following information common stock 1750000 retained earnings 950000
explain how the federal income tax structure affects the choice of financing use of debt versus equity of u.s. firms.
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