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The income statement of Gentry's Shoe Repair is as follows:GENTRY'S SHOE REPAIRIncome StatementFor the Month Ended April 30, 2016Revenue Shoe Repair Revenue $7,500Expenses Salaries Expense $3,400 Depreciation Expense 350 Utilities Expense 400 Rent Expense 600 Supplies Expense 1,050 Total Expenses 5,800Net Income $1,700
On April 1, the owner, Lee Gentry, had a capital balance of $12,900. During April, Gentry withdrew $3,000 cash for personal use.Instructions
(a) Prepare closing entries at April 30. (b) Determine the balance in L. Gentry, Capital account after the entries have been posted.
rader company had credit sales of 550000. the beginning accounts receivable balance was 40000 and the ending accounts
these financial statement items are for b. snyder at year-end july 31 2010. salaries payable2080 note payable
what are the elements of the accounting environment? how do they affect the financial statements? why are these
Kestral's accountant mistakenly assumed considerable influence and used the equity method instead of the cost method. What is the impact on the investment account and net earnings, respectively?
On June 1 capian company borrows $90,000 from first bank on a 6 month $90,000, 12% note. Prepare the entry for june 1; prepare the adjusting entry for june 30; prepare the entry at maturity (december1), assuming monthly adjustment entries have bee..
harrington inc. is introducing a new product in its line of household appliances. household products generally have 10
Consider the following three companies: - Gasco owns and operates a chain of gas stations in the northeast US.- Fuelco is a pre-revenue company that is attempting to develop new fuel-cell technology to replace the internal combustion engine.-
Did Houston contribute to the plan the amount required by actuarial calculations? How much would have been reflected on the government-wide statement of net position?
Describe the six criteria that strategic-alternative bundles should meet and discuss why it is essential that good bundles have addressed all of the key strategic issues.
alvarez company produces various parts used in the automotive industry. the sales budget for the first eight months of
Evaluate the IRS' s position regarding the treatment of Tern Corporation as a personal service corporation, and prepare a memo for the client files describing the results of your research.
Your company has a pension plan. At the end of the year your company reports an ABO of $250,000, PBO of $300,000 and Plan Assets of $230,000 for the year ended December 31, 2011.
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