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Guyer company publishes a monthly sports magazine, fishing preview. Subscriptions to the magazine cost $20 per year. During november 2010, Guyer sells 12,000 subscriptions beginning with the December issue. Guyer prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts unearned subscriptions and subscription revenue.
Prepare the entry in November for the receipt of the subscription.Nov 30Prepare the adjusting entry at december 31,2010, to record subscription revenue earned in december 2010.
Dec 31Prepare the adjusting entry at March 31,2011, to record subscription revenue earned in the first quarter of 2011.
Mark typically works 40 hours/week at $15/hour regular pay and receives four weeks of vacation. This week he worked 50 hours as his employer asked him to work Saturday to take care of the Christmas backlog. Determine the following: 1. The amount o..
The firm is liquidated, and $120,000 in cash is received for the noncash assets. Bay and Lee income ratios are 55% and 45%, respectively.
Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowners insurance policy paid Jacob $7,000 for the stolen computer, Jacobs employer did not reimburse Jacob for any of the remainder of his loses. Jacob..
What is zero working capital? How would you define zero working capital? When would this be used? Would this model be applicable to all organizations? Explain your answer.
How will your answer to Part a change if in the subsequent year the manufacturer files bankruptcy and Jerry receives $1,500 in total and final payment for his claim?
jonathan macintosh is a highly successful pennsylvania orchardman who has formed his own company to produce and package
deskins clothiers is a small company that manufactures tall-menssuits. the company has used a standard cost system. in
Taylor Flowers' bank statement shows a balance of $135.42 and a service charge of $8.00. The account register shows deposits of $112.88 and $235.45 that do not appear on the statement.
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
What is the after tax cost of preferred stock that sells for $10 per share and offers a $1.20 dividend when the tax rate is 35%?
How does accounts receivable balance-related audit objectives relate to real life? What I mean is, not in accounting, can you apply these principles to an everyday thing like football or something.
Armando contributed some inventory from his sole proprietorship to a public charity for its use. On the date of the contribution, Armando's basis in the inventory $2,000 and the fair market value was $5,000.
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