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A company using the accrual basis of accounting pays $15,000 for a television advertising campaign. Commercials will run evenly in December, January, and February. How much expense will be reported
Consider the following transactions:what total assets would be:
what is the total stockholders' equity at the beginning of the year?
At the end of the current accounting period, account balances were as follows: Cash, $180,000; Accounts Receivable, $75,000; Common Stock, $20,000; Retained Earnings, $65,000.what were Liabilities
1. Prepare journal entries for the preceding transactions. 2. Prepare income statement for the month ended 09/30/XX
An Oklahoma City business paid $15,000 cash for equipment used in the business. At the time of purchase, the equipment had a list price of $20,000. When the balance sheet was prepared, the value of
Explain why process costing can be used for computing the cost of production for space heaters
Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on Jul
what is the discount price of a $10,000 zero interest bearing note and the market rate is 8%? for 3 years.
Jernigan corporation, which uses the calendar year as its tax year, started business on December 1, 2008. Its gross receipts for 2009-2011 were $4,500,00, $4,900,000 and $6,000,000 respectively. Wil
If the corporation has distributed $115,000 to shareholders in its first year of existence and nothing in the 2nd year, would it be subject to the accumulated earnings tax for the 2nd year?
Assume PeeWee uses full costing? How much would the company's gross margin increase if sales increased 10%?
Evaluate the importance of ethics in accounting. Do you think ethical behavior is more or less important in this profession than in others? Defend your position.
Firm a has cogs equal to $500,000 for year ended 12/31/04. Gross profit for the year also was $500,000, and the profit margin for the year was 15%. The retention rate for the year was 80%, and year
kate greenway corporation having recently issued a $20 million, 15 year bond issue, is commited to make annual sinking fund deposits of $620,000. the deposits are make on the last day of each year a
Describe the degree to which the steps in the process are integrated. What is/was the impact of that integration on you and on the organization?
a guest became ill and was unable to stay for the entire week. a refund was issued in the amount of $1,000. What two accounts are affected?
real risk free is 3%, inflation is expected to be 3% for net 2 yrs, a 2 yr treasury security yields 6.2 %. what is maturity risk premium for 2 yr security
The cost of repairs would be 5000000 if all the products are sold had major defect and 3000000 if all had minor defect. What amount should chato company recognize a warranty provision?
Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Gold Co. issued a credit memorandum for $2,500 for merchandise returned
Under both the lease and purchase options, Jenkins would be responsible for insurance and maintenance on the truck. Should Jenkins lease or buy?
Fraud is discovered as part of a routine audit. This fraud is being committed by the AR manager. The fraud is large enough to have a material impact on th financial statements. How does this finding
The present value of the note at 9% was $1,442,000 at January 1, 2010. What should be the balance of the Discount on Notes Payable account on the books of Leary at December 31, 2010 after adjusting
On July 1, 2010, Hurtig Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2010, 100,000 tons of ore were mined and sold. Prepare t
Hall company uses the allowance method to account for bad debts. An account that hsd been previously written-off as uncollectable was recovered. How would the recovery affect the company's accountin