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The following is the Bravo Unlimited adjusted Trial Balance.
TITLE DEBIT CREDIT
Cash $88,450
Accounts Receivable 331,860
Supplies 11,255
Prepaid Rent 5,500
Accumulated Deprec. 236,260
Accounts Payable 72,555
Wages Payable 10,000
Capital Stock 220,000
Retained Earnings 111,145
Service Revenue 898,105
Interest Income 1,500
Rent Expense 66,000
Wages Expense 537,260
Supplies Expense 42,520
Utilities Expense 8,595
Deprec. Expense 156,000
Interest Expense 6,840
TOTALS $1,549,565 $1,549,565
As the senior accountant you had just prepared and posted the journal entry that closed the revenue accounts to the income summary account. Suddenly you noticed that your bookkeeper made a tragic error in recording one of the expenses during that last month of the fiscal year. The bookkeeper had recorded the december utility bill as a debit to accounts receivable and a credit to wages expense for $500. Use this information to prepare the compound general journal entries needed to:
a. correct the error
b. record the closing entry for the expenses.
Your company has the opportunity to invest $75,000 in a new project opportunity but due to cash flow concerns, your boss wants to know when you can pay back the original investment. Calculate how long it should take to pay back the initial project in..
The church did not keep a record of the amounts given nor the contributors, but the minister estimates that these gifts amount $10,000 in the current year. How should he treat these gifts?
On January 1, 2009, Truman Corporation issued $600, 000 of 20-year, 11% bonds for $554, 860, yielding a market (yield) rate of 12%. Interest is payable semiannually on June 30 and December 31. Calculate the Interest Expense amount recorded on June 30..
Refer to the above data. If Riverview applies overhead using a predetermined rate based on machine-hours, what amount of overhead will be assigned to a unit of output which requires 0.5 machine hours and 0.25 labor hours to complete?
Evaluate the number of pans that must be sold for Prachi to break even. Conceptual Connection: Evaluate the unit variable cost? Determine the unit variable manufacturing cost?
the partial equity method or the cost method, provides the most detailed information for internal decision making. Provide support for your rationale.
If the interest rate is 5%, What is the present value of a security that pays you $1,050 next year and $1,102.50 two years from now? If this security sold for $2,200 is the yield to maturity greater or less than 5%? Why?
ABC, Inc. had 50,000 shares of common stocks outstanding at January 1, 2013. On March 31,2013, an additional 12,000 shares were sold for cash. Megan also had $4,000,000 of 6% convertible bonds outstanding throughout the year.
question 1 refer to the article pawsey n. brown a. amp chatterjee b. 2011. lsquothe potential adoption of ifrs for u.s.
Turn to the balance and focus on the difference between accumulated depreciation at the start and at the end of the year. Where can I go to get depreciation expense information to help complete my restatement activities? Turn to the balance and focus..
Which of the following statements is true about lease accounting methods?
the copier requires on site repairs that are completed the same day. The repairs cost $209 for the materials taken from the repair parts inventory
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