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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
• Explain to him the rules of debits and credits for the balance sheet and income statement.
• Provide examples from the manufacturing industry of:
a journal entry that would be recorded that impacts the balance sheet.
a journal entry that would be recorded affecting the income statement.
• Please provide the assumptions behind the transactions and the full journal entries.
Suppose that the Lai Jean Co. expects before tax earnings of 5 million this coming year, assuming no liability losses. However, there is a 2 percent chance that Lai will lose a $10 million lawsuit during the year.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
Calculate annual returns for each of the last five (5) years for a company of your choice listed on the Australian Stock Exchange and compare these returns to the Australian market during the same period.
For 2009, PMD Inc. had set the following standards for production of metal tables: 35 pounds of iron at a standard cost of $2.60 per pound. During June the company produced 300 tables. The company bought 10, 625 pounds of iron at a cost of $25,500..
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.
A firm expects to sell 10,000 units of its product annually. It estimates that it costs $200 to place an order and that each unit costs $7 annually to carry in inventory. It takes 7 days to receive an order once it is placed, and the store is open..
Bickner Company provides the following information about its defined benefit pension plan for the year 2010.
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
during the first week in November, Erin Mills worked 451/2 hours and produced 1,275 units under a piece-rate system. The regular piece rate is $0.35 a unit.
Arness Woodcrafters sell $250,000 of receivables to commercial factors on a wth recourse basis . commercial asses a financial charge of 5%and retains an amount equal to 4% of accounts receivablex. arness estimates the fair value of the recourse ob..
A university's meal plan for students provides that 40% of a student's meal fee is made available to the student to purchase food at "cost." At the end of the term, the student receives a refund for any of this amount that has not been spent. The ..
Examine the variable "diamond." What does this measure? How do you think this variable will relate to GDP per capita and GDP growth?
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