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Design at least two tables that could be used in a database for the hosting of data of your selected accounting cycle (revenue cycle). Use keys to demonstrate the relationships among your database tables. Be sure to use fictitious data when entering information into the tables.
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000.
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
Show the loan in the balance sheet of the company
Explain the meaning of the increase or decrease in the LIFO reserve during the 2010. What does this tell you about inventory costs for the company? Are they rising or falling? Explain.
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
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