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Why the small business need recording system in their business. What are the advantages of recording system in small business
On January 1, 2010, Gucci Brothers Inc. started the year with a $500,000 credit balance in retained earnings and a $608,000 balance in common stock. During 2010, the company earned net income of $109,000, paid a dividend of $14,200, and issued mor..
Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.
The characteristics noted above are indeed true. What are some of the other differences between Managerial and Financial Accounting? Also, as for the numbers used in financial versus managerial accounting, are they different (what is their source)..
Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to..
The firm sold securities on two occasions during the year, receiving a gain of $40,000 on the first sale but losing $50,000 on the second. The stock sold first has been owned for 4 years; the stock sold second had been purchased 3 months before th..
Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan.
Capitalizing interest costs will have which of the following effects on a company's financial statements after the initial period?
Hunter's Paradise purchased $568,000 of equipment 4 years ago. The equipment is 7-year MACRS property. The firm is selling this equipment today for $199,500.
You are an internal auditor of a small rural bank with 3 branches. The bank's customers are mainly farmers. The bank is a publicly traded corporation (OTC) and qualifies under the Sarbanes-Oxley Act of 2002 (SOX) regarding financial reporting requ..
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. e sells it in 2011 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized g..
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