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The company closes its books regularly on Dec 31, but ast theend of 2007 it held its cash book open so that a more favoravlebalance sheet could be prepared for credit purposes. Cashreceips and disbursements for the first 10 days of January wererecorded as Dec transactions. The following info isgiven. 1) Jan cash receipts recorded in the Dec cash book totaled$39,640, of which $22,000 represents cash sales, and $17,640represents collections on account for which cash discounts of $360were given. 2) Jan cash disbursements recorded in the Dec check registerliquidated accts payable of $26,450, on which discunts of $250 weretaken. 3) The ledger has not been closed for 2007. 4) The amount shown as inventory was determined by physicalcount on Dec 31,2007; the compnay uses the periodic method of inventory. Instructions: a) Prepare an entries you consider necessary to correct Dumainaccounts at Dec 31. b) To what extent was Dumaine Equip co able to show a morefavorable balance sheet at Dec 31 by holding its cash bookopen? (compute working capital and the current ratio) Assume that the balance sheet that was prepared by teh companyshowed the following amounts:
cash 39,000
receivables 42,000
inventories 67,000
accountspayable 45,000
other currentliabilities 14,200
Cost Behavior when costs are semivariable: Data from the payroll department of Dominguez Company for the past two months follow: What is the apparent variable cost per employee paid?
Karr Company purchased bonds with a face amount of $400,000 between interest payment dates. Karr purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000.
Fluent an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: US Series EE bonds, bonds for industrial dev..
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
Beebe Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
Prepare the journal entry to record the sale of the bonds on January 1, 2008, and the proper balance sheet presentation on this date. Prepare the journal entry to record interest expense on December 31, 2008, and the proper balance sheet presentat..
In the same year Nectar sold land costing $30,000 to Lorikeet for $50,000 On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What was the gain on the consolidated income statement?
Describe how the use of the audit software package and a copy of the inventory file data might be helpful to the auditor when observing the physical count of inventories as of a given date and test a sample for accuracy
East, Inc. had beginning inventory of $10,000, purchases of $25,000, and ending inventory of $5,000. What is East's cost of merchandise sold?
If the residual value of a leased asset is greater than the amount guaranteed by the lessee, the lessee:
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