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Question - Microtel began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Microtel had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Microtel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end. During 20X6, $1,000 cash was disbursed as dividends. The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year. How much was Microtel's 20X6 net income?
During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?
ACCT19060 Assessment task. Prepare the following five (5) budgets for the first quarter of 2018. Production budget
which of the following statements is are false regarding the effective use of management control systems? a in general
soenen inc. had the following data for 2008. the new cfo believes that the company could improve its working capital
Knell Corporation sells a product for $230 per unit. The product's current sales are 33,000 units and its break-even sales are 26,400 units. The margin of safety as a percentage of sales is closest to:
In the current year, Hanna Company reported warranty expense of $183,000 and the warranty liability account increased by $28,000. What were warranty expenditures during the year?
The normal profit margin is 30% of selling price. What unit value should Ross use when applying the LCM rule to ending inventory?
reeves inc. sold 1000000 shares of 25 par value common stock at 30. it subsequently repurchased 100000 of those shares
which of the following items would be included as part of factory overhead in a microcomputer manufacturer? a. the cost
Assume that on December 31, 2014, HassenCo's Investment in Sultan account has a balance of $510,000. Also, assume that Hassen's 80% interest in Salt.
On 1 April 2015, the company rate of income tax changed from 35 % to 30%. What is the related adjusting entry to show the tax rate change on income tax expense
The Trinh Corporation had 2,000 cages on hand at the beginning of December. Each cage had cost the company $22. The company purchased 6,000 cages on December.
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