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For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
a. Recorded $200 of depreciation expense.b. Sold land that had originally cost $10,000 for $14,000 in cash.c. Acquired a new machine under a capital lease. The present value of future lease payments, discounted at 11%, was $11,000.d. Recorded the first annual payment of $2,400 for the leased machine (in part c).e. Recorded a $6,100 payment for the cost of developing and registering a trademark.f. Recognized periodic amortization for the trademark (in part e) using a 46-year useful life.g. Sold used production equipment for $18,000 in cash. The equipment originally cost $46,000, and the accumulated depreciation account has an unadjusted balance of $23,200. It was determined that a $1,400 year-to-date depreciation entry must be recorded before the sale transaction can be recorded. Record the adjustment and the sale.
Problem - Sven's Component. Sven Nys is a divisional manager of Vandelay Industries. What is the cost of goods manufactured per unit for new component in 2012
Emerald produced 5,000 units during the quarter. At the end of the quarter, an examination of the labor costs records showed that the company used 25,000 direct labor hours and actual total direct labor costs were $375,000. Calculate the direct..
The following Trial Balance of a sole trader, although it adds up to the same total on both sides, is incorrect.
It is widely understood that communication in a business setting involves a complex set of unwritten rules. These rules govern speech, written correspondence and body language that vary around the world.
Determine the maturity date, interest at maturity, and maturity value for each of the following notes.
royal carpet cleaning provided 90000 of services during 2011 its first year of operations. all customers paid for the
How can CVP Analysis be used to predict future costs and profitability?- Describe how CVP Analysis is used, or could be used, at your current place of employment.
1. in a competitive market the industry demand and supply curves are p 200 - .2qd and p 100 .3qs respectively.a. find
Assume that as of the end of the fiscal year the capital project had not yet begun, thus the debt proceeds were still unspent. What classifications of net assets would be affected by this fact?
On May 1, 2015 Short Company has an immediate need for cash and decides to factor $1,700,000 of its receivables to IBC Inc., a financial institution.
the characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all
Which of the following situations will most likely motivate managers to inflate earnings in the current period? A. Possibility of bond covenant violation
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