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Victory Associates experienced the following accounting events during its 2013 accounting period.
1. Recognized revenue on account. 2. Issued common stock. 3. Paid cash to purchase supplies. 4. Collected a cash advance for services that will be provided during thecoming year. 5. Paid a cash dividend to the stockholders. 6. Paid cash for an insurance policy that provides coverage during the next year. 7. Collected cash from accounts receivable. 8. Paid cash for operating expenses. 9. Paid cash to settle an account payable. 10. Paid cash to purchase land.
Required:
a. Identify the events that would require a year end adjusting entry.
b. Explain why adjusting entries are made at the end of the accounting period.
List and define the basic organizational structures.
Research and find financial statements for two companies of your choosing. Drawing on information from this module and the course, analyze the statements and write an essay summarizing which of the two is a better investment.
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Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance.
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
Determine the administrative costs calculated to each operating department.
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reflect upon what you have learned during this course and discuss in detail the benefits of using these software
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