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Assume you start up your own photography business to shoot videos at nine college parties. The freshman class pays you $100 in advance just to guarantee your services for its parry.
Use information given below to compute company's accounting net income for year.
Potential sources of financing to support the increase in sales comprise all of the following except?
Patrick Corporation inadvertently produced 10,000 defective personal radios. The radios cost $8 each to produce. A salvage firm will buy the defective units as they are for $3 each.
Bill Smith opened Smith Construction on April 1, 2010. The given amounts summarize the transactions and financial position of Smith construction as of May 31.
The discount or premium is amortized by using the straight line method. Journalize the issuance, first interest payment and redemption of the bonds at maturity beneath the three conditions listed:
Given below are assumptions and principles. Full disclosure principle and Cost principle.
From the information, fill in the blanks. Be sure to mark your variances F for favorable and U for unfavorable.
Explain company's decision to distribute dividend.
Bartels Corp. produces woodcarvings. It takes two hours of direct labor to produce a carving. Bartels' standard labor cost is $12 per hour.
Create the journal entries essential to record following eight transactions.
A firm's flexible budget for 12,000 units of production showed sales, $48,000; variable costs, $18,000; and fixed costs, $16,000.
For the four cases given, compute net income (or net loss). Caution: Not all of the items listed should be included in the computation of net income.
For the four cases given below, use accounting equation to compute the missing quantity.
Create an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable becomes due in 2009. No additional issuance of common stock occurred during
For each error, point out (a) whether trial balance will balance; (b) amount of difference if trial balance will not balance; and (c) trial balance column which will have larger total.
On January 1, 2009, the Needy Firm signed a lease that need payments of $90,000 per year for eight (8) years with each payment made at the end of every year.
Create adjusting entries at March 31, suppose that adjusting entries are made quarterly.
On December 31, 2008 Firm P reported assets of $800 million and liabilities of $350 million. On January 1, 2009 it acquires Firm S for $350 million cash.
Journalize transactions in general journal.
Zenon Chemical, Company, processes pine rosin into three (3) products: turpentine, paint thinner, & spot remover. During May, the joint value of processing was $240,000.
Create general journal entry to record replenishment of petty cash fund on December 31. Be sure you put complete account description.
Tanzy Company's ending inventory includes the following items. Calculate the lower cost or market for ending inventory (a) as a whole & (b) applied separately to each product.
Create Aspen Sports' general journal entry to record issuance of the note payable.
Cabigas Company manufactures two (2) products, Product E and Product F. The firm estimated it would incur $167,140 in manufacturing overhead costs during the current period.