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pete parlor started business january 1,2010. during january, pete customers pd $24,000 for services that will not be performed untill february.prepare the journal entry for this transaction
What transfer price of X causes divisional managers to make decentralized decisions that maximize Carlson Company's profit if each division is treated as a profit center?
Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity.
Issued 7,000 shares of commmon stock in exchange for an equipment. The asking price of the equipment was $240,000. Market value of the common stock on the date of issue is $140,000
company uses the straight-line method of amortizing bond premiums.the company's year-end is december 31.prepare the general journal entry to record the interest accured at december 31,2009.
Making adjusting entries AND prepare financial statements from the trial balance. Based on the background part, (a) Prepare adjusting entries for a through d. (
When the balance sheet was prepared, the value of the equipment later rose to $22,000. What is the relevant measure of the value of the equipment?
During the month, the company incurred direct materils cost of $55,000 and direct labor of $28,000. The actual manufacturing overhead costs were $53,000. The Manufacturing Overhead applied to WIP wa
Today Thomas deposited $100,000 in a three-year, 12% CD that compounds quarterly. What is the maturity value of the CD?
If the Analog computers can borrow at 9.5% annually for 3 years, what is the efffective rate of interest of an $800,000 where a 15% compensating balance is required.
What are the differences between fair value can flow and foreign currency hedges? What is the difference between accounting for foreign currency transactions and foreign currency translation? Are th
In 2011, Fayette Engineering entered into an agreement to construct an office building at a contract price of $5,100,000. Construction data were as follows:
What is a derivative? What is a hedge? What is a forward exchange contract? How might each of these financial instruments be used in foreign exchange?
During 2010, Chretien changed from straight-line method of amortizing its cement plant to the double declining-balance method. The following calculations present amortization on both bases.
Budgets serve a number of useful purposes that includes planning, coordinating, communicating, motivating, controlling and evaluating. Explain each of the purposes in detail.
Budgeting is concerned with the implementation of the long-term plan for the year ahead. Budgets are a clear indication of what is expected to be achieved during the budget period whereas long-term
Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for eac
Hart owned a building with a fair market value of 400,000. The building was covered by a 300,000 fire insurance policy containing an 80% coinsurance clause. What amount would Hart recover if a fire
Which of the following acts by a CPA who is not in public practice would most likely be considered a violation of the ethical standards of the profession
You have just made your monthly payment. The mortgage interest rate is 6 3/8% (APR). How much do you owe on the mortgage today?
You have found three investments choices for a one-year deposit: 10% APR compounded monthly, 10% APR compounded annually, and 9% APR compounded daily. Compute the EAR for each investment choice. (As
On January 2, 2011, Klein Co. bought a trademark from Royce, Inc. for $1,000,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamort
Name and describe the major sections of the classified balance sheet. How is the classified balance sheet different than the balance sheet discussed in week one? What are some of the benefits in usi
Higgins and Griffin Financial Planners have forecasted revenue for the first six months of 2005 as shown on the following table:
What are the expected value, standard deviation, and shape of the sampling distribution of the sample mean?