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Problem 1: Ten days ago a company established a $90 petty cash fund. Today, October 5, the petty cash box contains $3 in cash and the following paid petty cash receipts: transportation-in, $14.25; postage, $34.50; and office supplies, $36. Give the entry to reimburse the fund and to increase its size to $150.
On October 1, 2018, Highview Company borrows $206,000 on a three-year note, What the adjusting entry to accrue interest on the note should debit
The manufacturing overhead budget at Latronica Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 7,800 direct labor-hours will be required in August. The variable overhead rate is $8.10 per direct labor-hour...
A company is considering replacing its air conditioner. Management has narrowed the choice to two alternatives that offer comparable performance and considerable savings over their present system. The effective annual interest rate is 8%. What is the..
What is the required rate of return (yield) on the preferred stock? The Quaid Brothers Corporation has preferred shares outstanding that pay an annual dividend
In an inflationary period, which cost flow method, LIFO or FIFO, will result in the larger amount of assets on the balance sheet? Explain. On December 31, 2014, the Grant Corporation estimated that $2,000 of its receivables might not be collected. On..
Flint, an S corporation with substantial AEP, reports operating revenues of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000. Calculate any passive investment incom..
Mark is now concerned that some of the other areas of his business could need a review given some the problems found with the recording of inventory. Mark has explained to you that he is still a little confused about the entries required when he was ..
How does collateral affect the interest rate on a bond? How does subordination affect the interest rate on a bond too? What else might affect the interest rate on a bond? What is Chapter 7 liquidation and Chapter 11 reorganization? When should each b..
Question 1: What is mutual agency as it relates to a partnership? Question 2: What is Articles of Partnership?
farman appliance mart began operations on may 1. it uses a perpetual inventory system. during may the company had the
depreciation by units-of-production methoda diesel-powered tractor with a cost of 185000 and estimated residual value
If converting $1,500,000 bonds into 12 shares of stock (with no par value) for each $1,000. What would be the value of the stock and what would be the journal entry for the conversion? (assuming book value method is used)
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