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Transactional Analysis Problem Scenario: Use following scenario and transactions to complete the activities below. On January 4, Mary Markham, an attorney, opened her private law firm...Markham Law (ML). The following transactions were completed during the month. a) Mary invested $30,000 cash and $15,000 of office equipment in the business in exchange for capital stock. b) ML paid a month's rent of $1800 c) ML paid $1200 for office supplies d) ML collected $20,000 of legal fees for services performed e) ML paid a secretary salary of $2200 f) ML purchased $500 of supplies on account g) ML bought an auto for business use. It cost $15,000. ML paid $4000 down and charged the balance. h) ML paid $4000 of dividends i) ML paid $900 for auto maintenance and repairs j) ML received a telephone bill for $300 k) ML paid the telephone bill l) ML paid premiums of $1200 for one year insurance m) ML paid $2500 for a computer n) ML paid $700 for a cleaning service o) ML received $5000 on retainer from MOB INC Activities: Using the scenario and transactions above, complete the following activities. Submit all files to the dropbox. 1. Record the transactions in T accounts. 2. Prepare a trial balance for the end of the month.
In the previous two months, E&P sold over $23,000 to SQU. If SQU fails to make the discount threshold, what entry will E&P have to make upon forfeit of the discount.
Identify rental of vacation homes and explain its current treatment. Then, argue whether or not it should be allowed as a general deduction. You can approach this question from an economic, social, revenue, or political perspective.
Preparation of journal entries for various transactions in corporate - Prepare the journal entries for the following 2008 transactions. Place your answers below the rest of these questions.
cvp analysis - multiple choicebarrus company makes 30000 motors to be used in the productions of its power lawn mowers.
Chipco paid $15 million of foreign taxes on its foreign-source manufacturing profits and $2 million of foreign taxes on its foreign- source passive investment income. Assume that the U.S. tax rate is 35%. Calculate Chipco’s total foreign tax credit..
Compute price, and quantity materials variances for the Tile Company for March. Indicate amount ($) and favorable (F) or unfavorable (U) effects. Price variance
Lee Co. is a calendar-year firm with 120 million common shares outstanding throughout 2013. As part of its executive compensation plan, at January 1, 2012, the company had issued 12 million executive stock options permitting executives to buy 12 m..
preparation of cash flow statement using the information given.using the income and expenditure information for 2007
Journalize the required adjusting entries for Drake at the end of 2013.
Explain how much is the balance of the Allowance for Doubtful Accounts account to be reported on the statement of financial position at year-end?
During the remainder of the year, Ramirez generates revenues of $600,000 and expenses of $360,000 and paid no dividends. On a December 31 consolidated balance sheet, what amount should be reported as noncontrolling interest?
Discuss, from both an economic and a political viewpoint, why countries have become increasingly interdependent on each other.
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