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What are the concept of debits and credits. Answer the following questions and submit the solutions:• What is the normal balance of assets, liabilities, equity, dividends, expenses and revenue.• How does the debit impact each account type? • How does the credit impact each account type?
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
Your company has been offered credit terms of 4/30, net 90 days. What will be the nominal annual percentage cost of its nonfree trade credit if it pays 120 days after the purchase? (Assume a 365-day year.) show your calculation.
What correction, if any, should be made in the amounts of thecompany's owner's equity at the end of the year 2007and 2008?
Based purely on assets, how many funds should be displayed as major funds?
Compute the noncontrolling interest in the subsidiary's net income for 2013.
Discuss how "trust" is impacted when companies restate its financial statements. It maybe in reference to the change in accounting principle, change in accounting estimate, change in reporting entity, and error corrections.
What is Farr Company's accounts receivable balance at December 31, 2010?
On January 2, 2011, Mize Co. issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 30 shares. No bonds were converted during 2007. Mize had 50,000 shares of common stock outstanding during 2011. Mize 's 2011 net inco..
The Isberg Company just paid a dividend of $0.80 per share, and that dividend is expected to grow at a constant rate of 6.00% per year in the future. The company's beta is 1.25, the market risk premium is 5.00%, and the risk-free rate is 4.00%. Wh..
Net loss is $130,000 and the partners have no written partnership agreement.
At the beginning of the year, the estimated direct labor-hours were 17,900 hours and the total estimated manufacturing overhead was $341,890. At the end of the year, actual direct labor-hours for the year were 16,700 hours and the actual manufact..
Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2010, 2011, and 2012.
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