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Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2008. On that date, the following financial items for the year were determined: December 31, 2008, cash on hand and in the bank, $47,500; December 31, 2008, amounts due from customers from sales of books, $26,900; property and equipment, $48,000; December 31, 2008, amounts owed to publishers for books purchased, $8,000; one-year note payable to a local bank for $2,850. No dividends were declared or paid to the stockholders during the year.
Complete the following balance sheet at December 31, 2009.
How many employees does the RTWMTC company have and what is the break down of their salaries and what additional costs does RTWMTC have (include utilities, lease/mortgage, phone, etc.)?
qjed acquired 25 percent of the stock of alpha corporation basis of 100000 12 years ago and the other 75 percent was
Demonstrate an understanding of basic accounting concepts and how these apply apply to business, outline and contrast cash and accrual bases on accounting and prepare a range of financial statements
How is inventory valued? Which inventory valuation method is most popular and why? What impact on the financial reports can the selection of an inventory valuation method have?
Analysis of various methods of inventory system and its effect on ending inventory and cost of goods sold - Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income..
heres the questionchoose an item that you would like to manufacture. you do not actually need to manufacture something
The XTRA Appliance Manufacturing Corporation manufactures two vacuum cleaners, the Super and the Standard - Find the total sales-quantity variance in terms of budgeted contribution margin?
Assess financial accounting standards as they relate to presentation and disclosure in general purpose financial statements.
Show that any rational number a/b , between 0 and 1, can be written as an Egyptian fraction. Can an irrational number between 0 and 1 ever be expressed as an Egyptian fraction? Why?
Estimated sales budget, estimated direct materials budget, estimated direct labors budget, estimated manufacturing overhead budget, estimated selling and administrative expenses and an estimated income statement.
During the first month, Mars collected $400,000 on assigned accounts after deducting $900 of discounts. Mars wrote off a $1,060 assigned account.
If Ken is required to contribute for his employees and chooses to contribute the maximum amount, what is the maximum amount Ken can contribute for himself?
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