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Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry for tis transaction? A.Debiting Equipment for $3,000 B.Crediting Common Stock for $3,000 C.Crediting Common Stock for $2,400 D.Crediting Paid in Capital in Excess of Par_common for $600 My answer B Isaiah Corporation's Accounts Receivable increased by $35,00 and its Accounts Payable Decreased by $18,000.What is the net effect on cash from operations under the indirect method? A.-$53,000 B.+$35,000 C.+$17,000 D.-$18,000 My answer is c Case company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital--Treasury Stock is A.$26,000 B.$34,000 C.$8,000 D.$30,000
1. Under the FIFO Cost Flow Assumption during a period of inflation, which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE a. Income tax expenses will be hig
Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo
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application/realization in history of accounting
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what is an accounting cycle
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
procedure followed in government system
format of the account
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