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Question: Assume that Kilgore Realty, Inc., borrowed $80,000 from First City Bank and Trust. In recording the transaction, Kilgore erroneously recorded the receipt of $80,000 as an increase in cash, $80,000, and an increase in fees earned, $80,000.
(a) How would this error affect the equality of the accounting equation?
(b) How would this error affect the income statement, retained earnings statement, balance sheet, and statement of cash flows?
On January 1, 2011, Tonge Industries had outstanding 450,000 common shares (par $1) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.
on january 1 2012 flyover airlines leased a new airplane for a term of 10 years.the expected life of the airplane is 20
List and describe popular job finding Internet sites.
Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock
suppan company manufactures a variety of tools and industrial equipment. the company operates through three divisions.
Many Indian facing hard time to adopt extreme climate condition (cold and hot) and food style. Some other factors to consider
Rolling is a constant growth firm, and will pay a dividend next year of $1.20. The stock sells for $40.00 and has a growth rate of 4%. The firm's tax rate is 30%. The firm's book value balance sheet is as follows:
sprint nextel is one of the largest digital wireless service providers in the united states. in a recent year it had
Oliver City reported capital assets of $ 4,300,000 and accumulated depreciation of $ 2,000,000 in the governmental activities column of its government wide statement of net position for the year ended December 31, 2012.
the following direct materials and direct labor data pertain to the operations of batista manufacturing company for the
Manufacturing overhead is applied to jobs on the basis of direct labor costs using a predetermined overhead rate. The actual manufacturing overhead cost for the year was $172,000.
A farmer in Wood County has 900 acres of land. She is going to plant each acre with corn, soybeans, or wheat. Each acre planted with corn yields a $2,000.
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