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The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010:
Accounts payable $2,000
Accounts receivable 5,500
Cash 11,000
Megan, Capital 40,000
Megan, Drawing 10,000
Interest expense 3,000
Note payable, due 8/31/13 60,000
Supplies 1,000
Service revenue 39,000
Equipment 5,000
a) What are total current assets?
b) What are total current liabilities?
Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable basis). If the accounts receivable balance at December 31 was $200,000 what is the required adjustment to the Allowance for Doubtful..
How will the declaration and distribution of a 10 percent stock dividend affect the issuing corporation's balance of retained earnings and total stockholders' equity, respectively?
Donald Tweedt started a company to produce and distribute natural fertilizers. Donald's company sells two fertilizers that are wildly popular: green fertilizer and compost fertilizer.
Wenger Company reported income before taxes of $600,000 and an extraordinary loss of $150,000. Assume that the company's tax rate is 30%. What amounts will be reported on the income statement for income before irregular items and extraordinary ite..
Workforce, Inc. had beginning inventory in March consisting of 15,000 units (60 percent converted) and ending inventory consisting of 20,000 units (40 percent converted).
Discuss the key factors that should be considered when determining whether an item should be expensed. Speculate how Joe Carter arrived at his decision to expense the carpets replaced in the apartments.
Assume Green Leaf Nursery anticipated sales of $500 in this quarter. Accounts receivable at the beginning of the quarter was $300. Assuming a collection period of 30 days, which is the approximate cash collections amount for the quarter?
Given the EOQ, what is the average inventory? What is the annual inventory holding cost? In minimizing cost, how many orders would be made each year? What would be the annual ordering cost?
The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 20X4 budgeted income statement?
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
Compute the Federal income tax liability for the Kim Trust. The trustee reports the following transactions for the 2011 tax year. The trustee accumulates all accounting income for the year.
In December 2010, Gomez Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing over..
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