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What two accounts will be affected while recording entries inthe general ledger when you bill a customer for services renderedon account? There has not been any previous cash paid to thecompany.
You have a sole-proprietorship merchandizingbusiness dealing with photography equipments. The business wasestablished 3 years back and had an average annual turnover of $50,000.
You have been nominated by your institution for aseminar because of your proficiency in basic accounting concepts.The participants and audience include college professors,practicing CPAs, and fellow
You are an employee of a Wealth Management consultancy. As your first accounting assignment for the consultancy, you are auditing the chart of accounts for a client.
Prepare journal entries to record (a) the issuance of bonds onJanuary 1, 2008; (b) the first interest payment on June 30, 2008;and (c) the second interest payment on December 31, 2008.
What was the balance in Branson Co.'s Cash account beforerecognizing any of these reconciling items? (Omit the "$" sign inyour response.)Balance per Cash account before reconciliation
Enviro Company issues 8%, 10 year bonds with a par value of$250,000 and semiannual interest payments. On the issue date , theannual market rate for these bonds is 10%, which implies a sellingprice o
Sam Smith invested $17,000 in Anchor Insurance Company. At the endof the year, Smith's investment was worth $19,500 becasue ofearnings during the year. Anchor paid Smith's $3,000 at the end ofthe ye
The Quick Stop is a fast food restaurant.During March. QuickStop recorded the following sales to customers and cost of doingbusiness:
Antonio"s Restaurant specializes in Italian food. During June,Antonio's Restaurant recorded the following sales to customersand costs of going business:
You are the manager of a retail electronic store. Recently,you purchased 200 What -A-Sound portable CD players from awholesaler in a going out of business sale. The units cost you $80each, about hal
Tony Company's bank reconciliation at the end of January2006 showed outstanding checks of $3,200. No deposits were intransit at the end of January, but a deposit was in transit at theend of February
Starbucks is a coffee company-a big coffee company. Duringa 10-year period, the number of Starbucks locations grew from 165to over 5,800 stores-an average increase of 43 percent everyyear.
J-mart and Buy-Lo are two companies that sell identical products. They are located in different parts of the same city. During September, J-mart sold $25,000 of goods, while Buy-Lo sold $19,000.
Rogers and Hornsby are two companies that compete in the same market with the same product a brand of steak sauce. The companies are the same size and sell to the same grocery retailers.
Soft Light Company produces speciality lamps and sell them to retail stores. During the lastest year, the company sold 40,000 lamps at an average of $70 per lamp. The production and distribution cos
Edurado has started a small business making sundials. Thefollowing transactions occured for the business during a recentperiod. How much profit did the company earn for this period?
On May 31, 2007, Galenti Company had a cash balance per books of$5,681.50. The bank statement from Community Bank on that dateshowed a balance of $7,964.60.
Comment on the relative profitability of the companies bycomputing the return on assets and the return on commonstockholders' equity ratios for both companies.
Prepare an income statement and a retained earningsstatement for the month of June and a balance sheet at June 30,2007.
The Securities and Exchange Commision staff has ordered FannieMae, the nations's largest mortgage company, to restate its lastfour annual reports.
You are considering opening a shop in a nearby mall that willsell specilaty T-shirts. T-shirts, containing designs and wordsselected by customers, will be produced for customers on order.
Through hard work and careful saving, Hans and his family have152,000 to start a small business. The family estimates sales tocustomers will be about $4,500 per month during the first year.
Mackinzie Consulting computes the cost of each consultingengagment by adding a portion of firmwide support costs to thelabor costs of the consultants on the engagment.