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A business makes almost all credit sales. At the end of the year, the business has $485,000 total accounts receivable. This ending balance doesn't include $28,500 specific accounts receivable that were written off during the period. The business estimates that customers will not pay $6,500 of the ending balance of its accounts receivable. What year-end adjusting entry is made?
The business has more cash than it needs for day-to-day operations, so the excess cash is invested in short-term marketable securities that pay interest. During the year, the business receives interest checks, which it records in the interest income account. At the end of the year, $48,500 interest has been earned but not yet received. This interest will be included in the interest checks the business receives next year. The business hasn't recorded this earned interest. What adjusting entry is made at the end of the year?
Financial records of Dunbar Inc. were destroyed by fire at the end of 2012. Fortunately, the controller had kept certain statistical data related to the income statement as presented
What is the usual order in which financial statements are prepared from the adjusted trial balance? Why are they prepared in that order?
How does the payment of dividends of $30,000 affect the three elements of the accounting equation?
The March bank statement shown an ending balance of $20,245.00. Comparing bank statement, the canceled checks, and the accompanying memos
the xtra appliance manufacturing corporation manufactures two vacuum cleaners the super and the standard. the
mr. rosen is the manager of a division of jokkmok industries. he is one of numerous managers being considered for the
Explain how much different is it to be able to take losses when the taxpayer is not active in the business but merely a "passive investor"?
During the year, Marilu received additional owner investments of $21,000, recorded expenses of $60,000, and had owner drawings of $4,000. If Marilu's ending owner's equity was $46,000, what was the company's revenue for the year?
During the first month, Mars collected $400,000 on assigned accounts after deducting $900 of discounts. Mars wrote off a $1,060 assigned account.
Why is the balance sheet called the statement of financial position and what is the purpose of if?
calculation of number of stock outstanding.the information below relates to question no. 2the stockholders equity
Dividends declared during the year were $41,000 and land at a cost of $125,000 was sold for $140,000 - direct method to prepare a statement of cash flows for Paulino Corporation.
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