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Illustrate the effects on the accounts and financialstatements of recording the following selected transactions of LoneStar Leather Co.:
Apr. 15. Paid the first installment of the estimated taxfor the current fiscal year ending December 31, $90,000. Noentry had been made to record the liability.
Dec. 31. Recorded the estimated income tax liabilityfor the year just ended and the deferred income tax liability,based on the April 15 transaction and the following data:
Income taxrate 40%
Income before incometax $950,000
Taxable income according to taxreturn $800,000
Assume that June 15 and September 15 installments of$90,000 were also paid.
murcia corporation has 4000000 of 8 percent 25-year bonds dated may 1 2011 with interest payable on april 30 and
a computer manufacturer recently shipped several laptops to a customer cost 25000 and billed the customer
please answer questions one below and the other attached1presented below are three independent situations. solve below
Prepare in general journal form all journal entries that should have been made during the fiscal year ended June 30, 2009 to record the above information in the capital projects fund (including closing entry).
Using the activity-based costing approach, determine the overhead cost per unit for each product.
1.a 60-day 12 note for 10000 dated may 1 is received from a customer on account. the maturity value of the note
westerville auto company produces a small part that it uses in the production of its automobiles. the companys unit
It has also issued long-term bonds at an interest rate of 7 percent. It pays tax at a marginal rate of 35 percent.a. What is Omega's after-tax WACC?
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
the year-end 2009 balance sheet for toms copy inc. lists common stock 1.00 par value of 17221 capital surplus of 28336
You are provided the overhead cost data for the Auerbach Enterprises. Management needs advice in determining how to allocate these costs utilizing a job order costing system either department-wide or company-wide. Address Questions 1through 5 loca..
bedner amp flott inc. manufactures ergonomic devices for computer users. some of their more popular products include
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