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1.Prepare adjusting journal entries for the year ended (date of) December 31, 2013, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.
a. Depreciation on the company's equipment for 2013 is computed to be $18,000.b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.c. The Office Supplies account had a $700 debit balance on December 31, 2012; and $3,480 of office supplies were purchased during the year. The December 31, 2013, physical count showed $298 of sup plies available.d. Two thirds of the work related to $15,000 of cash received in advance was performed this period.e. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $5,800 of coverage had expired.f. Wage expenses of $3,200 have been incurred but are not paid as of December 31, 2013.
Journalizing transactions, posting to T-accounts, and preparing a trial balance
this information determine the total stockholders equity reported in the companys balance sheet dated december 31,2007
Sales in the first quarter of 2015 are expected to be 25% higher than sales in the same quarter in 2014 - Prepare quarterly production budgets for each quarter and in total for 2014.
niagra group ltd. ngl designs develops manufactures and sells photonics-based solutions including lasers laser systems
The capital contribution of the land and its related mortgage was made on the date the partnership was formed. The land was used by the Partnership as a location to train the horses. How to journal entry this event? Partnership ratio Tara 60%, Kevi..
Olive Company is considering a project that is estimated to cost $246,500 and provide annual net cash flows of $59,523 for the next five years. What is the internal rate of return for this project?
Evaluate each of the following for every alternative Net income and Earnings per share.
If the corporation uses the straight -line method of amortization of bond discount,the amount of bond intrest expense to be recognized on July 1,2010 is ?
Fitzgerald Inc. uses the ABC method to allocate overhead to production. The following is a list of cost pools and the allocation base for each pool. Calculate total overhead cost allocated for the job.
Invoices representing $1,005 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June.
Some people say that the International Financial Reporting Standards (IFRS)are more “principles-based” while the Generally Accepted Accounting Principles (GAAP)are more “rules-based.” Explain why you agree or disagree with this statement.
Seymour Group issued $4,000,000 of 15 year 8% stated rate bonds on July 1, 2014 to yield 10%, which is similar to the current market rate for bonds of similar riskiness. The bonds are semi-annual and the first interest payment is December 31, 2014.
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