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On May 1, Faux Furs, Inc., collected $25,000 from its customers. One quarter of the $25,000 was earned in May and the rest in June through August. During May, Faux Furs' had $4,000 in expenses of which only $2,000 had been paid. How much higher would Faux Furs' net income be in May if it used cash-basis accounting instead of accrual accounting
Land was acquired for $200,000 in exchange for common stock, par $200,000, during the year; all equipment purchased was for cash. Equipment costing $20,000 was sold for $8,000; book value of the equipment was $16,000 and the loss was reported as a..
the primary operating expenses (such as employee wages, utilities, and repairs and maintenance) for the year were $66347000 with $60200000 paid in cash and the rest on account
Prepare a pro forma balance sheet for the upcoming fiscal year. Company X's current balance sheet, submitted at the end of their fiscal year, September 30, 2015, is displayed below.
Compute 2010 depreciation expense using the sum-of-the-years'-digits method assuming the machinery was purchased on April 1, 2010.
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.
Prepare journal entries in good form for the following transactions for the Goodland Company. Omit explanations. (So that a line won't be automatically skipped, you may hold the shift & enter.)
morgan leasing company signs an agreement on january 1 2014 to lease equipment to cole company. the following
Is Margaret's behavior regarding the cost information she provided to Susan unethical? Explain your answer.
On January 1, 2016, Mr. Bravo formed a new corporate (Bravo Unlimited) by investing $35,000 cash in capital stock. Prepare the general journal entry
Prepare Green Production's contribution margin income statement for 175 shows performed in 2016. Report only two categories of costs: variable and fixed
The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,450,000, $150,000 in the common stock account and $2,750,000 in the additional paid-in surplus account.
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