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Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000, expenses of $160,000, and paid dividends of $10,000. What was Finney's net income for the year?
The Harvester Corporation issued 40 shares of $20 par value stock to its accountant. The shares are in full payment for her $900 fee for assistance in setting up the new company. The entry to record the issuance of the stock would include a:
A corporation was organized in January 2004 with authorized capital of $10 par value common stock. On February 1, 2004, shares were issued at par for cash. On March 1, 2004, the corporation's attorney accepted 7,000 shares of common stock in settl..
Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
Include with your letter the following documents for the management at Apollo Shoes. Please note that there are four parts to this assignment. Outline the timeframes and milestones for the audit.
Assume a 5 year useful life with a residual value of $50,000, how much depreciation expense should the company record on its books each year using the double declining balance method of depreciation?
Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
Rubarb farms depreciates its assets at a faster rate for tax purposes than to GAAP financial statement purposes, and invest heavily in municipal bonds. in its first year of operation, the year ended Dec 31, year 1.
Brite Star Co. determined that J. Reno's account was uncollectible and wrote off $1,500. On June 12, 2010, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2009, May 11,2010 and June 12,2010
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software?
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
Many firms recognize revenus at the point of shipment. This provides an incentive to accelerate revenues by shipping goods at the end of the quarter.
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