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For each of the following items before adjustment, indicate the type of adjusting entry-prepaid expense, unearned revenue, accrued revenue, and accrued expense- that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the types.
(a) Assets are understated.(b) Liabilities are overstated.(c) Liabilities are understated.(d) Expenses are understated.(e) Assets are overstated.(f) Revenue is understated.
13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of $810,000, of which $180,000 has been allocated to land and $630,000 to buildin..
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
Provide Harvards 2000 pension expense journal entry? What does the account Prepaid / Accrued cost represent? Is it a liability or asset? Is the plan under-funded or over-funded?
The partnership paid office expenses of $100,000. In addition, KKM distributed $10,000 each to partners Kaylyn and Kristie, and the partnership paid partner Megan $20,000 for administrative services. Kaylyn reports the following income from KKM du..
Do definitions of accounting elements and general principles of recognition and measurement resolve the controversy over full absorption costing and variable costing of manufactured inventory?
what are financial accounting management accounting and finance? what are their similarities and
The following labor standards have been established for a particular product: What is the labor efficiency variance for the month?
If comparative balance sheets indicate no notes receivable on the first, or base, date and a $50,000 note receivable on the laterdate, the increase of $50,000:
A calendar year corporation in its first year of operations reports earnings and profits of $50,000. In December of that year, it distributes land worth $40,000 to one of its shareholders. The corporation's basis in the land was $35,000, and the l..
Ponderosa acquired 100% control of Sumac on January 1, 2009. The purchase differential included $30,000 attributable to undervaluation of Sumac's inventory. Both Ponderosa and Sumac account for inventory using LIFO. Sumac's December 31, 2009 inven..
On January 2 of the current year, Gamma liquidates and distributes all property to Marsha except that Gamma retains cash to pay the accounts payable and any tax liability resulting from Gamma's liquidation. Assume that Gamma has no other taxable i..
Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April and prepare the entry to record the company's payroll tax expense.
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