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The following balances appear on the books of Sarah Simmons Enterprises:
Simmons Capital $29,600
Simmons, withdrawal $10,500
Income Summary $0
Service Revenue $24,500
Salaries Expense $6,200
Rent Expense $3,500
Advertising Expense $2,000
All accounts have normal balances.
Question 1: Open a T-account for each account, and insert it's adjusted balance as given (denote as Adj Bal) at December 3.
Question 2: Post the closing entries to the accounts, denoting posted amounts as Clo.
Question 3: Compute the ending balances of Simmons, Capital.
Prepare the adjusted trial balance for the month ended January 31 of the current year. Lake Placid groups all operating expense under two accounts, Selling Expense and General Expense.
Assuming that expected September direct labor hours are 700, what is expected factory overhead cost using the cost formula in Requirement 2?
On September 26, 2013, Vu Industries announced a 3-for-1 common stock split. Which of the following items would be increased by the stock split?
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WWE accountants obtain monthly cost information and use regression to derive the cost function below. What variable specific to WWE might the X represent
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Determine the percentage of the total variance that will be explained by the regression equation?
Prepare closing entries as appropriate. What would have been the difference in the year-end financial statements, if any, had the county not made the budgetary entries?
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