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journalizing purchase and sales transactions-perpetual systemthe following transactions occurred during february 2012
during burns companys first year of operations credit sales totaled 140000 and collections on credit sales totaled
on march 30 2011 calvin exploration purchased a drilling machine for 840000 the estimated useful life of the machine is
ries corporation has received a request for a special order of 8000 units of product r34 for 3460 each the normal
the open accounts receivable aging is as follows for december 31 2008current1-3031-6061-90over 90
bjerg company specializes in manufacturing a unique model of bicycle helmet the model is well accepted by consumers and
pedro morales and associates a cpa firm uses job order costing to capture the costs of its audit jobs there were no
garza company expects to have a cash balance of 46000 on january 1 2010 relevant monthly budget data for the first 2
on may 1 skyline flying school a company that provides flying lessons was started with an investment of 45000 cash in
on march 15 year 1 james smith formed a business to rent and service vending machines providing healthy snack
an s corporation shareholder is currently in the 28 percent tax bracket his s corporation is going to pass a very large
charles owns a 25 percent interest in cal corporation an s corporation the corporation has run into some difficulties
the jane corporation an s corporation makes several property distributions to its two equal shareholders a and b during
pa corporation an s corporation has two equal shareholders p and a prior to the end of the current year pa decides to
the operating results for peep corporation an s corporation for last year were as followsrevenuesrevenuesgross
ccc partnership borrowed 100000 on a five-year recourse note from a local bank it also purchased land for 60000 putting
explain the difference in recourse and nonrecourse liabilities when distinguishing between general and limited partners
in year 1 sally invested 45000 for a 10 percent interest in a limited partnership this is sallys only passive
partner x a 13 partner in xyz partnership needs a distribution from the partnership for some unexpected bills the
julie transferred a personal-use computer to her sole proprietorship the computer originally cost her 3000 at the date
maggie brown works for a clipping service from her home she spends three to four hours per day reading newspaper
george and georgenne formed the gg partnership as equal partners each partner contributed cash and property with a
jim and angie form the jaz partnership with zoe by contributing 75000 each to partnership equity zoe the third partner
refer to the information in the preceding problem except that george and georgenne are equal shareholders in an s