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Determine the impact on the balance sheet accounts if the following information is not used to adjust the accounts of Mood Food Company for the month of January, 2012. Round answers to the nearest dollar.
1. The company rents extra office space to Beulah, CPAs. Beulah pays the $6,000 rent annually on January 1.
2. The company has an outstanding loan to its President in the amount of $100,000. The loan accrues interest at the annual rate of 6%. Principal and interest are due January 1, 2014.
3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $3,100.
All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:
Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2009.
Stacy Ann Lynn, the great grand-daughter of the company's founder is the current CEO/President of the company, which is still a family owned business.
Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
Prepare the related consolidated journal entries if 30% of the goodwill is to be written off as impairment loss?
Post beginning balances in ledger accounts (t-accounts) from the December 31, 2009 post-closing trial balance. Prepare journal entries to record each transaction for DeeDee's Designs. (A general journal is provided. Multiple pages will be needed.)
a. Prepare an amortization schedule for the three-year period. b. Organize the information in accounts under an accounting equation.
You are looking into purchasing computer equipment for your at-home business, personal recruiting. Since you are just starting out, you have set an initial budget of 1500.00
A taxpayer, who uses the cash method of accounting for tax purposes, received income in 1989, 1990, 1991 and 1992 for illegal espionage activities performed in 1985.
Jason borrows $50000 from his father and promises to pay it back over the next 10 yrs making equal annual end of the year payment .Calculate the amount of each payment if the annual interest rate is 9%.
Give an example of a situation where transfer pricing might be used and discuss what method a company might choose to calculate it. In your answer, define what a transfer price is, how it can be calculated, and why a company might use it.
Why is determining cost to manufacture a product quite a different activity from determining how to control such costs?
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