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Question 1: On March 1, 2009, the premium on a two-year insurance policy on equipment was paid amounting to $1,800. How would the financial position as of December 31, 2009 (the end of the accounting period) be affected if the accountant did not record the adjusting entry?
Select one:
a. Assets overstated by $750; Liabilities unaffected; Owners' equity overstated by $750.
b. Assets understated by $1,500; Liabilities unaffected; Owners' equity understated by $750.
c. No accounts will be affected.
d. Assets understated by $750; Liabilities unaffected; Owners' equity understated by $750.
Solare company acquired mineral rights for $366,300,000. The diamond deposit is estimated at 33,300,000 tons. During the current year, 2,700,000 tons were mined and sold. Determine the depletion rate per ton. Determine the amount of depletion expense..
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From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second following sale. Bad debts are..
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