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AGR Magazine has received cash subscriptions on April 1, 2015 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2015. Magazine delivery occurs monthly and started on April 1, 2015. These were the only subscription sales for the year. Answer the following questions for the year ended December 31, 2015: a. What is the original journal entry on April 1, 2015? b. What is the adjusting journal entry on December 31, 2015? c. What amount of subscriptions revenue should be reported on the income statement? d. What amount would be reported as unearned subscriptions revenue on the balance sheet as of December 31, 2015?
Assume that a machine was purchased for $50,700. Cash of $21,700 was paid, and a four-year, 14% note payable was signed for the balance. What is the total amount of interest expense that will be reported over the life of the note?
The Talley Corporation had a taxable income of $345,000 from operations after all operating costs but before (1) interest charges of $69,000, (2) dividends received of $10,350, (3) dividends paid of $17,250, and (4) income taxes. What are the firm's ..
Do you think such consolidation gives investors the best possible information? Why or why not? How might disclosures required in the financial statements enhance the data provided to investors?
question i briefly explain the organization you are working for one in which you are familiar with.what is likely to be
Prepare general journal entries to record the above transactions and the depreciation journal entries required at the end of each reporting period up to June 2014 - Discuss whether the non-disclosure of information about operations in Pakistan and ..
Describe the interesting and uninteresting information that these rules provide and what are possible reasons for the classification tree's failure to find a good predictive model?
Evaluate the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements and List 5 format differences in companies' income statements.
Prepare a performance report for Nashler Company comparing actual costs with the flexible budget for actual units produced. Type the letter "F" in the last column of the table to indicate a favorable variance.
The estimated demand for the harness is 5,000 units a month. Both suppliers will incur some cost to retool for this particular harness. the harnesses wil be prepackaged in 24x 12x 6 inch carton. Each package weighs 10 pounds. Calculate the total cost..
In 2015, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is
The Chocolate Company had the following transactions during January 2014: A customer that had an account receivable with the company in the amount of $10,000 called and said they could not pay on time. You, the CFO, told them they could pay it all ba..
Dynamic Exhibit-When fees earned is $7,500 net income is $. When fees earned is $12,500 cash at November 30 is $. When the amount paid for land is $36,000 and the amount paid for expenses is $10,000, the balance in total assets after transaction (b) ..
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