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Problem 1: Bob Inc. paid a $2400 2-year insurance premium for its new building on July 1. What is the journal entry on July 31?
a. Prepaid Insurance $2,400 Cash $2,400
b. Insurance Expense $2,400 Prepaid Insurance $2,400
c. Prepaid Insurance $100 Insurance Expense $100
d. Insurance Expense $100 Prepaid Insurance $100
Why is inventory turnover important to companies like JCPenney and Dell? Why are comparisons among companies important
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A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is:
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How should the above information be treated on the statement of cash flows, assuming that Cannon uses the indirect method
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