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Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees for services rendered during the year, $120,000; Cash paid for utilities, $50,000.
In addition, you determine that customers owed the company $60,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
Len Mast earned $3,900 for the last two weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len's income tax? Use the percentage method.
On October 1, 2011, $2,500,000 of these bonds were converted into 35,000 shares of $15 par common stock. Accrued interest was paid in cash at the time of conversion.
what is a current liability? from the perspective of a user of financial statements why do you believe current
benskin corporations capital structure consists of 600000 of assets and 325000 of liabilities. the average interest
1. Inventory in the amount of $10,000 was received on December 31 after the count. The invoice was received and recorded on December 30.
Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.
production records indicate that actual quantity of raw materials used for the prior month was 45000 pounds at 4 per
Milton Manufacturing Company
spencer corp. reported accounts receivable of 28000 on its december 31 2011 balance sheet. on december 31 2012 accounts
XYZ wrote off uncollectible accounts totaling $20,000 during 2010. Under the cash basis of accounting XYZ would have reported 2010 sales of ?
the vice president of operations of 14 computers inc. is evaluating the performance of two division organized as
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