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LIFO for Life Corp is a company that sells small children's clothing. On December 31, 2017, the company's sales revenue account showed a total of $250,000 (all sales were cash sales). The sales tax for the county where LIFO operates is 6%. No sales tax has been remitted to the government as of December 31, 2017. Assume that when the company initially records its sales transactions, it records the total amount of cash received in the sales revenue account. The entry on December 31, 2017 to accrue the sales tax payable includes a debit to ( ) for ( ) and a credit to ( ) for ( )
Compute the gross margin ratio (both with and without services revenues) and net profit margin ratio and compare the current ratio and acid-test ratio.
What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally?
On January 1, 2015, Wilke Corp. had 569,000 shares of common stock outstanding. During 2015, it had the following transactions that affected the Common Stock account. Compute earnings per share for 2015, using the weighted-average number of shares de..
Under an effective interest rate of 5%, the sum of the present value of an annuity which pays $4 at the end of each period for n periods and the present value of a unique payment of $100 at the end of the nth period is equal to the sum of the present..
Happy Carpet Cleaning, Inc. collects FIT, OASDI, and Medicare from its employees by withholding these taxes from its employees’ pay. However, Happy does not pay these amounts to the federal government until the end of the calendar year so that it can..
In its December 31, 2011 balance sheet, what amount should Acme report as accrued liability for unemployment claims?
Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $542,500. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $942,500. What a..
Which of the following would be shown as a negative number in the Operating section of the SCF under the indirect method?
At December 31, 2004, the balance in the investment account should be $810,000. Illustrate what formula/steps do I take to get $810,000?
Beth's business purchased only one asset during the current year. It placed in service machinery (7-year property) on December 1 with a basis of $50,000. Calculate the maximum depreciation expense
The operating activities section has a relationship with which part of the balance sheet?
staples company completed all of its march 31 2011 adjustments in preparation for compiling its financial statements
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