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At the beginning of the year, Gonzales Company had total assets of $882,000 and total liabilities of $500,000. Answer the following independent questions.
(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner's equity at the end of the year?
(b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000 What is the amount of total assets at the end of the year?
(c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
There are four important purposes of analytical procedures. Identify one of these four purposes and give a specific example of an analytical procedure that an auditor might perform.
What is the overall completion percentage for the WIP as to direct materials at the end of period?
In the fall of 2013, James went back to school to earn a masters degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. His Lifetime Learning Credit is:
Determine the cost ratio (retail method) for T games and comics store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000
What happens to the long-run demand curve for labour if the demand for the firm's output increases and what happens to the long-run demand curve for labour if the price of capital increases?
Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of such items, list the assumption, information characteristic, principle, or modifying convention that is violated.
Compare the equity technique of accounting to the fair value technique for equity securities. In what cases would you employ each?
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
The subsidiary has a net operating loss carryover of $400,000 generated four years ago. The parent acquires the net operating loss carryover.
Do an Internet search to identify the types of games and business simulations that are available. Select one and provide a description and an analysis of it. Discuss the learning content objectives.
Do you think this makes sense? How much of the internal control details should the managers know given that they will have to sign documentation attesting to the efficiency of internal controls?
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