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Purchase of office supplies what is the account classification?
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
What is the implication of applying accounting concepts wrongly
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk inve
Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite
trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed
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