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Question - For each of the following separate situations, determine the amount of expense each company should recognize in December (using accrual bass accounting).
a. Chipotle has monthly wages expense of $3,800 that has been incurred but not paid as of December 31.
b. United Airlines purchases a 24-month insurance policy for $57,000 on December 1 for immediate coverage.
c. On December 15, Pfizer prepays $26,000 for hotel rooms for its annual sales meeting in January.
Pito Company has been in operation for several years. Prepare Pito's income tax journal entry at the end of 2016
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cruz company deposits all cash receipts on the day when they are received and it makes all cash payments by check. at
Based on the ratios computed in Requirements a and b, which company had the better solvency in 2010?
Before year-end, a company is assessed $250,000 in additional taxes as a result of an IRS audit. Should the company record a loss reserve at year end
On August 1, 2016, David purchased manufacturing equipment for use in his business. The equipment cost $14,000 and has an estimated useful life and MACRS class.
Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560
Garcia Corporation purchased a truck by issuing an $249,600, 4-year, Prepare the journal entry to record the purchase of this truck
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