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Part One:Tell us the type of business.
Many students talk in their Autobiography about wanting to someday start a small business. Use the course text to gather information and understanding on how to answer this question. Assume that you are starting the business of your choice as a corporation with 3 friends as equal shareholders.
Describe for your shareholders the double entry accounting system your business will use and how the rules of debits and credits apply.
Create 4 sample journal entries of your own that you think would be the most likely ones in the first month of the business getting started. You can make up the amounts.
Part Two:
Pick a large company that does business in your community and view their financial results. For the most recent year, list the amounts reported for sales, cost of goods sold, and total net income. Does the amount reported for revenue represent cash received from customers during the year? If not, what does it represent? Is your company a profitable company? How can you tell?
The profit before tax for the company for the year ending 30 June 2017. Determine the deferred tax liability and/or deferred tax asset that will result
The realty company in Exercise 21b looks at a recent sample of houses that have sold. On testing the null hypothesis that 50% of the houses take more than three months to sell against the hypothesis that more than 50% of the houses take more than ..
If all the current assets were liquidated today, the company would receive $1.9 million in cash. The book value of the Widget Co's assets today is ________ and the market value of those assets is ________.
Precision Pumps leases nonspecialized pumping equipment to Mega Construction. What is the proper classification of this lease for Precision Pumps
review your reflections that were written and submitted throughout the course. create a brief synopsis of your
Each employee works in excess of 600 hours and is paid wages of $15,850 during the year. Calculate the Lincoln Company's work opportunity credit
If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May?
Make accounts receivable to accounts receivable estimates in the general ledger and present the receivables above in the financial statements
Grace Herron has just approached a venture capitalist for financing for her new business venture
Part 2 (Accounts Receivable) Microsoft provided the following disclosure related to its accounts receivable.
A mining company declared a liquidating dividend. the journal entry to record the declaration must include a debit to:
complete the yellow highlighted cells on the balance sheet and income statement. following is the additional
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