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1. For each of the following items before adjustment, indicate the type of adjusting entry-prepaid expense, unearned revenue, accrued revenue, and accrued expense- that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the types.
(a) Assets are understated.(b) Liabilities are overstated.(c) Liabilities are understated.(d) Expenses are understated.(e) Assets are overstated.(f) Revenue is understated.
Selected worksheet data for Nicholson Company are presented below.
sophie is a single taxpayer for the first payroll period in oct 2009 she is paid wages of 3250 monthly. sophie claims
a manufacturing company produces and sells 20000 units of a single product. total production costs are 14unit. if the
compute trend percentages for the following items taken fromthe financial statements over a five year period. treat
Jan Green established a savings account for her son's college education by making annual deposits of $6,000 at the beginning of each of six years to a savings account paying 8%.
How long will it take for your money to double in each of the three banks? Please state your answers in years, rounded to the nearest tenth of a year (e.g., 6.3 years).
II/. Prepare journal entries for ABC Co.'s following events. 05/12/08 Received charter authorizing ABC Co. to issue 20,000 shares of common stock at a par value of $2 per share. 06/03/08 Issued 8,000 shares of stock, receiving $40,000.
a company was founded in 2010. it acquired 30000 cash by issuing stock to investors and an additional 20000 cash by
Earning maximum points in each box in ‘PROFICIENT' column and / or points in columns to the right of ‘PROFICIENT' meets standard.
On January 1, 2010, Apartments Plus Company purchased an apartment building and related equipment that have the following useful lives, salvage values, and costs.
Ochoa Inc. sold part of its investment portfolio for $12,875. This transaction resulted in a gain of $2,000 for the company. The company classifies the investments as available-for-sale.
At the end of 2010, Rowet Company reported a deferred tax liability of $6,120 based on an income tax rate of 30%. On June 1, 2011 Congress changed the income tax rate to 35%.
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