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Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. If the previous payday was January 26 and the accounting period ends on January 31, what amount is the ending balance in the wages payable account?
For 2010 Kuhlman Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's AGI for the year is $50,000, determine his deductible loss on the car.
Custom Computers is a company started by two engineering students to assemble and market personal computers to faculty and students. The company operates out of the garage of one of the students' homes. From the following costs of a recent month, ..
Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2010.
You wish to purchase a 20-year, $1,000 face balue bond that makes semiannual interest payments of $40. If you require a 10% nominal yield to maturity, what price should you be willing to pay for the bond?
Why would you select the percentage of sales method on calculating doubtful accounts as opposed to the percentage of receivables method? Which method favors the income statement? Which method favors the balance sheet?
The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in April total:
It has been said that many corporate executives seemed to believe that it was their job not to produce accurate financial statements for the auditors to certify, but rather to bully the auditors into certifying as aggressive a set of financial sta..
What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?
Unfortunately, both the rentals and the stocks have lost over half its value due to recent market crashes . As a sole beneficiary of his estate, how would you advise your dear uncle?
Rollincoast Incorporated issued BBB bonds two years ago that provided a yield to maturity of 11.5%. Long-term risk-free government bonds were yielding 8.7% at that time.
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
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