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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.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Lyndon, age 24, has a nonworking spouse and earns wages of $36,000. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct for contributions to his and his wife's individual ..
Torrie Company borrowed $50,000 on January 2, 2007. This amount plus accrued interest of 5% compounded annually will be repaid at the end of 3 years. What amount will Torrie repay at the end of the third year?
Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hou..
Which of the following investment ranking methods does not consider the time value of money and regarding the evaluation of projects?
If you were a small business owner would you implement an activity-based costing system. What potential benefits or pitfalls do you foresee?
gemcraft company bought a copyright for 45000 on january 1 1997 at which time the copyright had an estimated useful
How would I figure the monthly quality costs when I use overhead through the basis of direct labor costs? Then what would I do to figure out the quality costs though an ABC system?
Statistical sampling techniques and methodologies are used in many facets of its mission by the U.S. Census Bureau (USCB) and is among the most famous users of sampling methodologies.
1.crichman corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the
On January 1, 2010, Gucci Brothers Inc. started the year with a $500,000 credit balance in retained earnings and a $608,000 balance in common stock. During 2010, the company earned net income of $109,000, paid a dividend of $14,200, and issued mor..
On January 1, 2009, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 2011, Dermot purchased 28% of Horne's voting common stock. If Dermot achieves significant influence with this new investment, how must Dermot ..
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