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At the end of her first year of university, Max decided that he wanted to set up a courier service. He invested savings of $800 in the company in exchange for Common Shares. In addition, his parents loaned the company $2,200 to help it get started. Since this was a business venture, he insisted on paying interest on this loan and his parents agreed to charge an annual rate of 6%.
Max bought a used vehicle for $4,000 for the business, paying $750 as a down payment, and financing the rest at an interest rate of 12% per year. He estimated the car could be sold at the end of the summer for $3,500.
His Company, Road Runner Inc, began operations on May 1, and continued until August 31. Although he did not keep formal records, he noted the following information about his business:
Required:
Intuit Inc. develops and sells software products for the personal finance market, including popular titles such as Quicken and Turbo Tax. Classify each of the following costs and expenses for this company as either variable or fixed to the number ..
Pressure is one of the components of the fraud triangle.
The maximum deduction for the current year is
Prepare the journal entries to record the depot (consider a plant asset) and the asset retirement obligation for the depot on Jan 1, 2012. Based on an effectieve-interest rate of 6% the fair value of the asset retirement obligation on Jan 1, 2012 ..
How would you change the accounting system for the business? What additional accounts would be needed? How would the financial statements change?
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
the following costs were incurred in september direct materials 50000 direct labor 40000 manufacturing overhead
What are the two types of proprietary funds, and what are the major differences between those two?
How do information systems increase the efficiency and effectiveness of business processes in accounting functions? Please explain. What are the advantages and disadvantages of using real time versus batch accounting information architecture? Please..
Prepare the journal entries to record bond related transactions as of the following dates Label each entry by date
ortiz companys sales budget projects unit sales of part 198z of 10000 units in january 12000 units in february and
A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and the accounting records. Alternative audit procedures were used for supplier who did not respond to the con..
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