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During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 p
Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
Windsor Company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is ? Answer: PV = FV (PVIF) = $100,000 x 0.5132
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
Write the difference between budget & budgeting? Ans) An estimation of the revenue & expenses over a specified future period of time. A budget can be made for a person, family,
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Advantages and disadvantages of FIFO The FIFO method has four main advantages (a) it is easy to apply (b) the assumed flow of costs corresponds with the normal physical flow o
1. If market interest rates are higher than the rate offered on the bonds being sold, they will be sold at: A. a premium. B. a discount. C. face value. D. a loss.
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Workers compensation insurance Workers compensation insurance provides protection for employees who suffer a job-related illness or injury. Entire cost is generally paid by t
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