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Prepare general journal entries for the following transactions of a new business called Pose for Pics.
At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for the machinery. what the depreciation expense for 2011 would be ?
What amount, if any, of the proceeds from the issuance should be accounted for as part of Gordon's stockholders' equity?
a. What is the average manufacturing cost per unit? b. What is the amount of ending finished goods inventory?
The entire amount of $765,000 was charged to rent expense in 2011. What amount should Goetz have charged to expense for the year ended December 31, 2011?
Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.
During the third week, they permit Taylor's aunt and uncle to stay in the house with no rent being charged. Expenses associated with the home for the year are as follows:
Cisco system has total assets of $35.594 billion, total debt of $9.678 billion, and net sales of $22.045 billion, and net sales of $22.045 billion. Their net profit margin for the year is 20 percent
The lease agreement provides for the transfer of title of the asset to the lessee at the end of the lease term. What amount of depreciation expense would the lessee record for the first year of the
The 2007 balance sheet for Carnival Corporation indicates that the company has 1960 million shares of common stock authorized, of which approximately 624 million are outstanding.
The building has an estimated economic life of 10 years, with no residual value. Yancey depreciates similar buildings on the straight-line method.
The real risk-free rate is r* = 2.75%, the inflation premium for 5-year bonds is IP = 1.65%, the default risk premium for Niendorf's bonds is DRP = 1.20% versus zero for T-bonds, and the maturity ri
When the General Fund budget for fiscal year 2011 is recored, indicate whether each of the following accounts should be debited (D), credited (C), or is not affected (N)
Lynch Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should
The Charleston city council approved and adopted its budget for fiscal year 2011. The budget for the General Fund contained the following amounts:
The equipment has a 4-year useful life and no salvage value. If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the am
If Companion Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead cost associated within the cases are expected to be 15% of
On January 15, 2011, Vancey Company paid property taxes on its factory building for the calendar year 2011 in the amount of $560,000. In the first week of April 2011, Vancey made unanticipated major
on December 31, 2011, fully depreciated machinery was sold for $9,500 cash, but the sale was not recorded until 2012. There were no other errors during 2011 or 2012 and no corrections have been made
Company invested in the following items during November and December of 2010: 60-day treasury bills, Preferred stock, cd (due 1/31/2012), cd (due 02/01/2011), common stock, and commercial paper (mat
Braeburn issues 3,500,000 of 8%, 15 year bonds dated january 1, 2009, that pays interest seminannually on June 30th and December 31st. The bonds are issued at a price of $3,024,000 prepare the journ
Oxley's gross accounts receivable balance is $40,000. Of this amount, $34,000 is current and $6,000 is past due. From experience, Oxley expects it will collect 95% of the current accounts and 70% of
In December of the current year, Hummingbird distributes securities held as an investment (adjusted of 90,000, fair market valye of 110,000) to Erika in redemption of 200 of her shares.
What accounting transactions are not recorded by an accountant during partner liquidation?
An increase in the bonds payable account of $200,000 over the course of a year would be shown on the company's statement of cash flows prepared under the indirect method as: