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Transaction analysis-various accounts LO 6, 8, 9 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. Recorded $200 of depreciation expense. Sold land that had originally cost $10,000 for $13,000 in cash. Acquired a new machine under a capital lease. The present value of future lease payments, discounted at 10%, was $10,000. Recorded the first annual payment of $2,600 for the leased machine (in part c). Recorded a $5,700 payment for the cost of developing and registering a trademark. Recognized periodic amortization for the trademark (in part e) using a 42-year useful life. Sold used production equipment for $16,000 in cash. The equipment originally cost $49,000, and the accumulated depreciation account has an unadjusted balance of $23,700. It was determined that a $1,100 year-to-date depreciation entry must be recorded before the sale transaction can be recorded. Record the adjustment and the sale.
Resource use is one characteristic used to differentiate between batch and real-time systems. Describe.
multiple choice question based on basic accounts.1.the two types of accounting are and a.profit and nonprofit.
On July 15, Zink Jewels agrees to a contract to sell 4,000 promise rings for $100,000 to Costless Stores, Inc. On October 1, after 2,000 rings pair of have been delivered, Zink and Costless modify the agreement to reduce the price of the remaining 1,..
Prepare a multiple-step income statement for Jain Corp. The company has a tax rate of 30%.
Compare and contrast the direct and indirect method of preparation of operating activities section of the Statement of Cash Flows—which is better? Why?
Prepare a budget report that would be useful in appraising the performance of the various persons charged with responsibility to provide satisfactory income.
After performing a physical inventory, they calculated theri inventory cost at retail to be 80,000. The mark up is 100% of cost. Find out the ending inventory at its estimated cost.
Compute the amount of gross profit to be recognized each year, assuming the percentage-of completion method is used and prepare all necessary journal entries for 2013.
write paragraphs about the capital budget items needed for a startup organizationcompany. you must answer the following
Which of the following is a false statement regarding the adjusted current earnings adjustment to alternative minimum taxable income? What are the tax consequences of this distribution to Illinois and Springer?
Presented here are the components in Wildhorse Co.’s income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income Year
the company plans on paying a constant $0.75 a share annual dividend indefinitely. Explain how much are you willing to pay to buy a share of this stock today if your required return is 11.6 percent?
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