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Question 1: You are assigned to prepare the income statement for the year ended 31 March 2020 and the balance sheet as at 31 March 2020 based on the following information:
Accounts RM
Cash 31,000
Accounts Receivable 76,000
Supplies 9,500
Office Equipment 12,000
Accumulated Depreciation 3,600
Accounts Payable 24,000
Salaries Payable 16,000
Capital 71,220
Drawings 13,000
Service Revenue 95,400
Interest Income 11,500
Salaries Expense 39,700
Supplies Expense 4,200
Depreciation Expense 1,200
Rental Expense 5,000
Miscellaneous Expense 120
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments: Raw materials $ 618,000 Work in process—Blending Department $ 65,000 Finished goods $ 20,000 After post..
standard fraud risk assessment questionif someone did want to commit fraud and not be caught how would they do it?one
recording journal entrieslightning fast computer company recently began operations and had the following transactions
Identify and critically discuss the following five principles in relation to the measurement of the value of transactions and or events. a) Separability and identity b) Current cost accounting c) Verifiability d) Income approach e) Matching principle
Old Time Savings Bank pays 4% interest on its savings accounts How much interest will earn in the second year? How much interest will you earn in the 10th year?
The scribes of ancient Egypt were the forerunners of today's accountants. Consulting standards may apply to a forensic accountant can be proactive. Arthur Andersen created a CPA firm that eventually disappeared. Peremptory refers to the fact that a f..
Write clearly and concisely about financial accounting and reporting using proper writing mechanics.
An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate. Why are companies selling their receivables?
Cost of Goods Manufactured, Cost of Goods Sold, and Impact on Financial Statements. Calculate the Cost of Goods Manufactured. Calculate the Cost of Goods Sold
Based on what you have learned about the four functions of management and how they are interrelated, share a real world example of where you have seen these functions in action either successfully or unsuccessfully
Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. Don't round the intermediate calculations
Find the book value and market value of the firm and If there are 2 million shares of stock in the new corporation, what would be the price per share and the book value per share?
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