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If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?
a. decrease the balance of an owner's equity account
b. increase the balanceof an liability account
c. increase the balance of an asset account
d. increases the balance of a capital account
Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
If a check correctly written and paid by the bank for $626 is incorrectly recorded on the company's books for $662, the appropriate treatment on the bank reconciliation would be to do which of the following?
What are the gift tax consequences of an irrevocable transfer of $10,000,000 in trust to grantor's son for life, with all income payable to son, then remainder to charity on son's death? Grantor makes no other transfers that year, and grantor is n..
What is a formal means of distinguishing between random and nonrandom variation in an operating process?
Jonas Inc. is considering whether to lease or purchase a piece of equipment. The total cost to lease the equipment will be $120,000 over its estimated life, while the total cost to buy the equipment will be $75,000 over its estimated life.
Alice purchased office furniture on September 20, 2010, for $100,000. On October 10, she purchased business computers for $80,000. Alice did not elect to expense any of the assets under sect; 179. Determine the cost recovery deduction for the busi..
Shareholders in closely held corporations often engage in transactions designed to minimize the double taxation effect of C corporations. Briefly describe the double taxation effect and explain some of the ways double taxation can be minimized.
Explain the activity-based costing (ABC) and traditional two-stage method cost allocation for overhead. Why would a firm use activity-based costing (ABC) rather than traditional two-stage methods of cost allocation for overhead?
Canary Corporation has 1,000 shares of stock outstanding. It redeems in a qualifying stock redemption 200 shares for $200,000 at a time when it has paid-in capital of $100,000 and E & P or $800,000. What would be the charge to Canary's E & P as a ..
Indicate how much income Telephone Sellers should recognize in January, February, March, and April.
Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period?
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