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Question - In its first year of operations, 2020, Bridgeport Corp. invoiced $181,000 in service revenue. Of that amount, $25,000 was still owing from customers at the end of year. In 2020, Bridgeport incurred various operating expenses totalling $86,000, of which $75,000 was paid in cash. Salaries and wages paid to employees totalled $65,000 and $3,100 was still owing at the end of the year. In addition, Bridgeport prepaid $4,700 for insurance coverage that covered the last half of 2020 and the first half of 2021. Bridgeport estimates it will owe $9,900 in income tax when it files its corporate income tax return after its 2020 year end.
Calculate the net income for 2020 under the accrual basis of accounting.
Calculate the net income for 2020 under the cash basis of accounting.
Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2014, using the straight-line method
1. Prepare an income statement for the year ended December 31 - Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year and Prepare a balance sheet as of December 31.
donkey bikes could sell its bicycles to retailers eitherassembled or unassembled. the cost of an unassembled bike is
You have conducted a significant amount of research about how to analyze the financial health of a company. Now you are going to put all of your research.
Kandon Inc. purchases Harper's assets by issuing 100,000 common shares with a market value of $30 per share. What is the amount of goodwill
pietros pizza has established the following standards for making one pizza dough nbspnbsp 0.65 pounds at 1 per pound
At the end of its first month of operations, Calculate the amount of total equity to be reported on the balance sheet at the end of the month.
They evaluate financial and information systems, management procedures, and internal controls to determine whether records are complete and whether or not sufficient controls are in place. What do you think would be the internal auditors' principa..
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume 360-day year calculating interest
Question - What was the purpose of the Securities Act of 1933? What was the purpose of the Securities Exchange Act of 1934
Moreover, she requires a 12% return on all his investments. What is the value of each preference share
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