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The correct adjusting entry for accrued and unpaid employee salaries of $9,200 on December 31. Debit Salary Expense, $9200; credit Prepaid Salary, $9200. Debit Salary Expense, $9200; credit Salaries Payable, $9200. Debit Salary Expense, $9200; credit Cash, $9200. Debit Salary Expense, $9200; credit Fees Earned, $9200. Debit Salaries Payable, $9200; credit Salary Expense $9200.
What theimportance of FASB and what it does for the accounting profession? What are the major classifications of accounting activity?, and what is the difference between financial accounting, internal auditing, public auditing, and managerial account..
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,200 of prepaid cards in Janu..
Escuchar Products, a producer of DVD players, has established a labor standard for its product-direct labor. Compute the labor rate and efficiency variances. Prepare journal entries for all activities relating to labor.
For the 2009 fiscal year, Lowe's Companies, Inc. reported an annual net income of $48,230,000. Assume the income can be reinvested continuously at an annual rate of return of 5.8% compounded continuously and that Lowe's will maintain this annual net ..
Sandra sold 500 shares of Wren Corporation to Bob, her brother, for its fair market value. She had paid $26,000 for the stock. Calculate Sandra's and Bob's gain or loss under the following circumstances:
What is the project's payback period? If the required rate of return is 20% and taxes are ignored, what is the project's net present value?
The following special journal is taken from a merchandising company that uses the perpetual inventory system: What is the name of the journal shown above?
The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year acc..
(Report cash flows from operating activities – indirect method) Smythe transportation began 2016 with accounts receivable, inventory, and prepaid expenses totaling $60,000. At the end of the year, Smythe had a total of $62,000 for these current asset..
Business combinations historically have been accounted for as either a purchase or a pooling of interests. Now, with SFAS 141(R), the acquisition method is required. Explain why did FASB change the rules? Did VIEs have a role in that decision?
At the start of November, Penco Refinery had Work in Process inventory consisting of 4,000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to coversion costs. Calculate the cost per equivalent unit f..
Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.
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