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A company has assets of 560,000 and equity of 560,000, it buys equipment with a bank loan of 76,000. What effect does this transaction have on assets/ liabilities/ and equity?
budgeting is an important internal activity. preparing budgets involve forecasting sales and estimating costs. for this
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During 2004, XYZ Company recorded salaries expense of $85,000. The salaries payable account at January 1st had a balance of $11,000 while the salaries payable account at December 31st had a balance of $8,000. The amount of cash paid to employees f..
Which of the following audit tests would be regarded as a test of a control? A) Test of the specific itmes making up the balance in a given general ledger account. B) Tests confirming receivables
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Show the loan in the balance sheet of the company
For an operating distribution, outline the tax consequences (amount and character of recognized gain or loss, basis in distributed assets) of the distribution to Timothy.
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