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On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january: 1st borrowed 12,000 in cash from midland bank on 4 month 8% 12,000 note 5th sold merchandise for cash 6,510, which includes 5% sales tax 12th provided services for customers who had made advanced payments of 10,000 (credit service revenues) 14th paid state treasurers department for sales tax collected dec 2006, $6,600 20th sold 500 units of a new product on credit at 48$ per unit, plus 5% sales tax During january the company's employees earned wages of 60,000. Withholdings related to wages were 4,590 for soc. Sec' 5,000 for Federal, and 1,500 for state income. The company owes no money related to these earnings for federal or state unemployment. Assume that wages earned during january will be paid during february. No entry had been recorded for wages or payroll tax expense as of jan 31 a. Journalize transactions b. Journalize the adjusting entries at jan 31 for the outstanding note payable and for wages expense and payroll tax expense c. Prepare the current liabilities section of the balance sheet at jan 31 2007. Assume no change in accounts payable.
Provide all required journal entries for fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund out financial statements present?
The role and process of recognising depreciation in accounting reports, and by identifying accounting concepts which provide the justification for recognising depreciation.
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
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Tax cash flows represent taxable income in the year received, compute the NPV of the cash flows.
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
In this way we could combine the recording and posting process into one step and save ourselves a lot of time. What do you think?
Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory
A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:
Describe the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this. Evaluate the specific accounting principles (GAAP).
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