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Samantha's Design Studio showed office supplies available of $700. A count of the supplies left on hand as of June 30 was $400. The adjusting journal entry is:
Sarah owns 100 shares of Drake,Inc. (adjusted basis of $50,000). On October 11, 2010, she sells the 100 shares for their fair market value of $45,000. On November 5, 2110, she purchases 125 shares
Assume that Dentech does not wish to commit to a rental agreement but could use its idle capacity to manufacture another product that would contribute $156,000 per month. If Dentech's management ele
Armstrong Corporation manufactures bicycle parts. The company currently has a $19,500 inventory of parts that have become obsolete due to changes in design specifications. The parts could be sold f
How many units would the company have to sell to attain the target profit of $150,000?
The following is last month's contribution format income statement: What is the company's margin of safety in dollars?
One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. At the beginning of Month 1,
Prepare the general journal entries to record these transactions
Describe how revenue is recognized as it pertains to the realization principle.
in exploring its business potential. Her parents have agreed to loan her the money required to start the business. What amount of these investigation costs can Juliet deduct if:
Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) List amounts from largest to smallest eg 10, 5, 3, 2. If amounts are the same
A company purchases packaging materials, as well as a new packing and storage warehouse where these materials will be used. Should the materials and warehouse be classified as current or fixed asset
Prepare journal entries to record each of the January transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Why is the liabilities section of the balance sheet of primary significance to bankers? As a lender of money, the banker is interested in the priority his/her claim has on the company"s assets relat
Bilton Company reported net income of $30,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was reco
Calculate the consolidated balance for each of the following accounts as of December 31, 2011:
Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $240,
What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2008?
In 2009, Joanne invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC reported losses of $340,000 in 2009 and $180,000 in 2010. wha
Outstanding stock of the Toell Corporation included 40,000 shares of $5 par common stock and 20,000 shares of 6%, $10 par non-cumulative preferred stock. In 2006, Toell declared and paid dividends o
The following information was taken from the 2007 income statement of Cobra Company: Pretax income, $12,000; Total operating expenses, $20,000; Sales revenue, $120,000. Compute cost of goods sold
The 100-year bonds we discussed in the chapter have something in common with junk bonds. Critics charge that, in both cases, the issuers are really selling equity in disguise. What are the issues he
Lopez Corporation issues 500, 10-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a:
If an investor is offered an opportunity to invest $500,000 in a new restaurant and he calculates the present value of this investment to be $400,000 using his standard discount rate of 15%, what th
Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount