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Oceanside Realty Co. Pays weekly salaries of $3,700.00 on Friday for a five -day week ending on that day. What is the adjustment at the end of the accounting period assuming that the period end (a) on Wednesday, (b) on Thursday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.At the end of the current year, $41,980.00 of fees have been earned but have not been billed to clients.
(a) What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
(b) If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary? Explain.At the balance sheet date, a business owes a mortgage note payable of $350,000.00, the terms of which provide for monthly payments of 7,000.00. Explain how the liability should be classified on the balance sheet.
Vincent Corporation has 100,000 shares of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 5% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $132 a share on Jun..
Determine the break-even sales volume in dollars and units and determine the number of units it must sell to generate a $100,000 profit.
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5% on the first day of the current fiscal year, 1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for 1,225,000, Present entries to record the following transactions for the current fiscal year:
Discuss cash dividends and stock dividends. How is each recorded? When each is issued, what is the affect may it have on assets, liabilities and owner's equity?
paz inc. manufactures a product which contains a small motor. the company has always purchased this motor from a
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At the time of the conversion, the unamortized premium is $2,000, the market value of the bonds is $110,000, and the stock is quoted on the market at $60 per share. If the bonds are converted into common, what is the amount of paid-in capital in e..
Lucy adamantly opposed an extension, however, as the idea of being late on her taxes frightens her. Since Lucy seems to have brought all of the information needed to prepare the return, you accept the engagement. Do you sign or not sign the tax r..
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