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Problem - Accrued vacation pay - A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $61,200.
Required -
a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b. How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet?
Problem - Condensed financial data of Popler Company appear below: Prepare a statement of cash flows for the year using the direct method
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Wicker Imports established a trust fund that provides $155,300 in scholarships each year for needy students. The trust fund earns a 4.00 percent rate of return.
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the bank statement for the checking account of management systems inc. msi showed a december 31 2013 balance of
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Find the gain or loss on sale of January 2, 2018 to be recognized directly in the retained earnings is, fair value through other comprehensive income
In 2013, BMJ Plumbing Company sold 250 water heaters for $1,050 each. The water heaters carry a 5-year warranty for repairs. BMJ Plumbing estimates.
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