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A company that has a fiscal year-end of December 31: (1) on October 1, $31,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $29,000; principal and interest at 7% are due in one year; and (3) equipment costing $79,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,800 per year.Prepare the necessary adjusting entries at December 31 for each of the above items.
Explain the limitations of the traditional accounting architecture that make it difficult to directly trace the cash flows of an organization. Did FASB respond properly to accounting's information customers? Justify your response.
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs.
Memphis Corporation has a cash balance of $200,000.00 on1/1/2008. The company's sales budget for the year was$500,000.00. However, only 80% of the sales for the year arecollectible during the year.
on january 1 2009 roosevelt company purchased 12 bonds having a maturity value of 506000.00 for 524700.75. the bonds
O'Connor Company purchased supplies totaling $21,600. By year end, $9,300 of supplies were still on hand. How much supplies expense should O'Connor recognize?
i am comparing a companies liquidity between 2 years. in the year 2007 i find it has a higher current ratio a higher
Complete a common-sized income statement, a common-sized balance sheet, and a statement of cash flows for 2010. Interpret your results.
speed zone inc. dealers in automobiles pays its employees a commission of 5 percent on each sale. what is the proper
seamark buys 300000 of eiders 8 five-year bonds payable at par value on september 1. interest payments are made
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
here is a comparative balance sheet for padgett company padgett company comparative balance sheet december 31 assets
lundberg corporations most recent balance sheet and income statement appear below dividends on common stock during year
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