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Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
The notes payable is a 90 day note given to the bank october 20 and bearing interest at 8%. Notes payable is $90000 . Prepare the annual adjusting entries necesssary on december 31
Your Company accrued $20,000 of salary expense at the end of Year 1, then paid $30,000 of salaries early in Year 2. How much salary expense applies to Year 1 and 2, respectively?
Prepare a complete set of journal entries for 2008 under the (1) percentage-of-completion method, and (2) completed-contract method.
There were 13,000 units in the ending work in process inventory of the Welding Department that were 60% complete with respect to conversion costs. A total of $575,360 in conversion costs were incurr
A company's policy is to maintain a current ratio of at least 2:1. At present, its current ratio is 2.5:1. If current liabilities at present amounts to 250000 pesos, what is the maximumamount of sho
What is the amount of the disc on these bonds at issuance? How much total bond interest expense will be recognized over the life of these bonds?
McEntire Corporation began operations on January 1, 2007. During its first 3 years of operations, McEntire reported net income and declared dividends as follows.
shania inc., has 2,000 shares of 6%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2011, and December 31, 2010. The board of d
On that date, when the market price of Hunter was $14 per share, there were 90,000 shares of Pierson outstanding. What gain and net reduction in retained earnings would result from this property div
Ethyl owns a small strip mall that has an adjusted basis of $950,000 but is subject to a mortgage of $240,000. She transfers the strip mall to Bert and receives from him $150,000 in cash and an offi
hopefully, the presence of the ride would attract new customers. how much additional revenue would the ride have to generate per year to make it an attractive investments.
Computer Parts, Inc., a manufacturer of computer chips, employs activity-based costing. The following budgeted data for each of the activity cost pools is provided below for the year 2010.
Conan collected $100,000 from customers in 2009. Of the amount collected, $25,000 was from revenue earned on account in 2007. In addition, Conan earned 440,000 of revenue in 2008, which will not be
The balance in the prepaid rent account before adjustment at the end of the year is $24,000, which represents four months' rent paid on December 1. what is the adjusting entry required on December 3
What is the appropriate adjusting journal entry to be made at the end of the period?
Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min's ending inventory is $200,000 and its cost of goods sold is $500,000. Yang & Min had $100,000 of in
What amount should Payne record as additional minimum pension liability at December 31?
She chose Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstated. Sara "plugs" the difference! She believes that the difference will not affect a
Assuming that the college maintains its records in a manner that facilitates the preparation of the fund financial statements and assuming that any appropriate accruals have been made, what is the
the city ordered and received $4,000 of supplies-of which $3,000 had been paid-and had $500 of outstanding purchase commitments for supplies at the year's end. In the Statement of Budget to Actual,
Doherty Corporation had net income of $30,000, net sales of $1,000,000, and average total assets of $500,000. what is Its return on total assets ?
These financial statement items are taken from the financial statements of Drew Corporation for the year ended December 31, 2010.
Howie, Price, and Whynot operate an accounting firm. In March, their staff worked a total of 2,000 hours at an average billing rate of $200 per hour. They sent bills to clients in the month of March
The balance in unearned fees represented the February 1 receipt in advance for services to be provided. Only $1,500 of the services was provided between February 1 and February 28.