Reference no: EM13259265
When are cash and accrual basis measures different? When are they the same?
Each of the following independent situations relates to information available on the last day of the year. Each involves an adjustment that must be made to the accounting system before financial statements can be prepared. Show the effects of each adjusting entry on the accounting system.
A. A 15,000 note payable, incurring 8% interest, has beenoutstanding the entire year. The note payable was properly recorded when it arose.
B. A 3,000 check was received 2 months ago from a tenant that subleases part of a building. The amount was for 6 months rent beginning the day the check was received. When received,the entire amount of the check was recorded in a liability account titled Unearned Rent.
C. Exactly halfway through the year just ended, the companypurchased a 2-year fire insurance policy for 8,000. When thepolicy was purchased, the entire amount was recorded in PrepaidInsurance account.
D. Wear and tear on the buildings and machinery for theyear is estimated to be 35,000.
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What is the resulting stock price of jkl
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Ending balance in stockholders
: The income statement for August indicates net income of $50,000. The corporation also paid $10,000 in dividends during the same period. If there was no beginning balance in stockholders? equity, what is the ending balance in stockholders?
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Determine an expression for the torque produced by couple
: A pair of forces with equal magnitudes, opposite directions, and different lines of action is called a "couple." When a couple acts on a rigid object, the couple produces a torque that does not depend on the location of the axis.
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What is the numerical value
: Both the numerical value and dimensions of the universal gas constant R in the ideal gas formula pV=nRT depend on whether the temperature T is in Kelvin or Rankine Absolute temperature units.
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Accounting system before financial statements
: Each involves an adjustment that must be made to the accounting system before financial statements can be prepared. Show the effects of each adjusting entry on the accounting system.
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What is the frequency of a radio signal
: A widely used "short-wave" radio broadcast band is referred to as the 25-m band. What is the frequency of a 25-m radio signal
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Explain the normal boiling point of methanol
: The normal boiling point of methanol is 64.7 degrees C. A solution containing a nonvolatile solute dissolved in methanol has a vapor pressure of 450.7 torr at 64.7 degrees C.
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How much of histhird payment goes toward repaying principal
: A guy buys a car for $21,000 and finances it with a fiveyear, 7% APR with monthly payments and compounding. How much of histhird payment goes toward repaying principal?
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How many payments will he need tomake to pay off the loan
: A guy borrows $7900 and wants to repay it $600 every sixmonths with the first payment in 6 months. If the loan terms are 6%APR with semiannual compounding, how many payments will he need tomake to pay off the loan?
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