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Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Purchase of office supplies what is the account classification?
Notes to financial statements
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
What is Time orientation Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accou
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
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