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What are the two fundamental equality requirements of the double-entry accounting system? Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected by (increased or decreased) by debits and by credits. Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is it necessary to take physical inventory when using the perpetual system? Create a financial statement or document that a business might use to account for losses, damaged goods, and stolen inventory. Then write a 2 page paper explaining how it works. Use APA format to cite at least 2 references.
Johnson's borrowed $150,000 at a 12 percent annual interest rate on April 1, 2010, to expand its boat storage facility. The loan requires Johnson's to pay the interest quarterly until the note is repaid in three years. Johnson's paid quarterly int..
The following are selected transactions of Ricks Auto Part. Ricks prepares financial statements semi annually. Prepare journal entries for the above transactions and events.
Calculate the proceeds (issue price) of Learned Inc.'s, bonds on January 1, 2010, assuming that the bonds were sold to provide a market rate of return to the investor.
Illustrate the effects of the payment of the face value of bonds at maturity on the accounts and financial statements.
On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren's net income for the year ended December 31, 2009, was $1,050,000,000. The income tax rat..
Analyze the risks in the systems that your team analyzed. Identify all risks and internal control points by incorporating the controls and risks into the flowcharts.
Compare the equity technique of accounting to the fair value technique for equity securities. In what cases would you employ each?
There are four important purposes of analytical procedures. Identify one of these four purposes and give a specific example of an analytical procedure that an auditor might perform.
If the amount of "Cost of Goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period then:
Below is budgeted production and sales information for Flushing Company for the month of December:
Depreciation for the first 9 months of 2010 is $6,000. Prepare the journal entries to (a) update depreciation to September 30, 2010 and (b) record the sale of the equipment.
intermediate accountingnbspplease provide thorough explanations and full calculations for each answer
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