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Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:
Received $10,000 from clients for services to be performed next year Received $30,000 for services performed in December Reports $15,000 in accounts receivable for work performed in December Received $2,000 for services performed in November
What amount must Rescho include in gross income for December?
DeCort Company had these adjusting entry situations at the end of December:May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as i..
On a multiple-step income statement, gain or losses on sale of equipment would be shown:
Compute the employer's FICA taxes for the pay period ending December 18. OASDI taxes HI Taxes, OASDI taxable earnings $ HI taxable earnings $ , OASDI taxes $ HI taxes $
Background: As one of the world's largest retail giants, Wal-Mart provides a perfect illustration of inventory disclosure. What is Walmart's ending inventory as of January 31, 2013? What percentage of Walmart's total assets is the Inventories asset?
Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
Anthony and Latrisha are married and have two sons, James, age 25 and Jonas, age 13. Both sons are properly claimed as dependents. Anthony and Latrisha's marginal tax rate is 25% in the current year and they file a joint return. Both James and Jon..
The following information pertains to Family Video Company. Prepare a bank reconciliation at July 31. (Round answers to 2 decimal places, e.g. 10.50.)
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
Round-robin brainstorming can be a good technique. Let's say that we were going to incorporate this technique for a brainstorming session for a new client. You're in charge of creating the agenda and contacting the people who will attend the meeti..
If the required return is 11 percent, what is the project's equivalent annual cost, or EAC? (Do not round your intermediate calculations.)
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