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Effect of Transactions on Accounting Equation
Describe how the following business transactions affect the three elements of the accounting equation.
Invested cash in business.
(Increases assets and increases owner's equity, or decreases assets and decreases owner's equity, or decreases assets and increases owner's equity, or increases assets and decreases owner's equity or increases assets and increases owner's equity )
What was the corporation's net sales, cost of goods sold, and gross profit? What was the corporate tax rate? ** This should be an item in the notes to the financial statement. Required disclosure usually explains the Federal Statutory rate and a reco..
Calculate with the formulas that are present. If your trial balance is not in balance, you must go back and check your postings to the ledger and the posting of ledger balances to the worksheet - Prepare a trial balance to verify that total debits..
General Inc. shipped 100 million coupons in products it sold in 2013. The coupons are redeemable for thirty cents each. General anticipates that 70% of the coupons will be redeemed. What was Gerneral`s coupon liability as of December 31, 2013? What w..
Evaluate the total amount of deductions for and from AGI that Kim can take during the present year with respect to the condominium and evaluate the effect on the basis of the condominium?
Explain how the assessment of a client’s financial condition can affect the auditor’s decisions concerning evidence accumulation in later phases of the audit.
On December 31, 2014 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2014) was $170,000; in the past Felt's gross profit has averaged 40% of selling pr..
A company that produces a single product had a net operating income of $93,000 using variable costing and a net operating income of $132,440 using absorption costing. Total fixed manufacturing overhead was $60,180 and production was 11,800 units both..
Create an interpretative write up of your financial analysis, explaining trends and items of concern for the directors of FedEx. For each ratio, you should describe ratio, inform the directors about
Primo Industries collected $105,000 from customers in 2014. Of the amount collected, $25,000 was from services performed in 2013. In addition, Primo performed services worth $40,000 in 2014, which will not be collected until 2015.
In tabular format, recreate the master budget and prepare the flexible budget and determine the sales-volume variance, sales price variance, and the total fixed cost variance.
Lowe Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $560,000 for June. In July, a customer received warranty repairs requiring $140 of parts and $95 of labor. Journalize the..
Provide an opinion on the proposed suspension of mark-to-market accounting and comment critically on any foreseeable or unforeseeable issues that may arise for the two accounts identified earlier.
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