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Create a journal entry and a T-account entry for each of the following transactions:
a. $30,000 worth of supplies purchased with cash
b. $10,000 worth of supplies used to provide clients with goods and services
c. Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000
d. Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients
e. Cash payments of $60,000 recieved for services previously provided and billed
f. $5,000 worth of additional supplies purchased on account.
What is the total overhead costs assigned to deluxe racquets, using a single overhead rate. Using activity-based costing, how much assembly costis assigned to deluxe racquets?
What should be the reported net asset balance of the following categories during 2011: permanent restricted, temporarily restricted, unrestricted.
You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.
Calculate the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept inunits only. carry unit costs to the nearest cent.
Which method is generally accepted? Why do you think this method is generally accepted? Explain your position.
Shawn, who is single and has no dependents, has a regular tax liability of $15,820, taxable income of $70,000, tax preferences of $25,000, and positive adjustments attributable to limitations on itemized deductions of $15,000. Shawn's alternative ..
Describe the difference between exchange and nonexchange transactions and discuss the rules for recognition of revenues and expenses/expenditures for each type of transaction.
Isner Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2010: Journalize the write-offs for 2010 under the direct write-off method.
Mr. Sullivan is borrowing $2,000,000 to expand his business. The loan will be for ten years at 12% annual interest and will be repaid in equal quarterly installments. How much will each quarterly payment be?
The company borrowed $30,000 on September 1, 2013. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%.
Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2006 for $945,000. During 2007, Tomlin had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2007, the balance in the investment account should be
As a result of new automated equipment, it is anticipated that fixed costs will increase by $125,000 and variable costs will be 50% of the selling price. The new break-even point in units is:
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