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It is the end of November and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her ?rst month of business. Natalie, too, would like to know if she has been pro?table or not during November. Natalie realizes that in order to determine Cookie Creations' income, she must ?rst make adjustments. Natalie puts together the following additional information. 1. A count reveals that $35 of baking supplies were used during November. 2. Natalie estimates that all of her baking equipment will have a useful life of 5 years or 60 months. 3. Natalie's grandmother has decided to charge interest of 6% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months.
4. On November 30, a friend of Natalie's asks her to teach a class at the neighborhood school. Natalie agrees and teaches a group of 35 ?rst-grade students how to make Santa Claus cookies. The next day, Natalie prepares an invoice for $300 and leaves it with the school principal. The principal says that he will pass the invoice along to the head office, and it will be paid sometime in December. 5. Natalie receives a utilities bill for $45. The bill is for utilities consumed by Natalie's business during November and is due December 15. Instructions Using the information that you have gathered through Chapter 2, and based on the new information above, do the following. (a) Prepare and post the adjusting journal entries. (b) Prepare an adjusting trial balance. (c) c, calculate Cookie Creations' net income or net loss for the month of November. Do not prepare an income statement.
A company had a beginning balance in retained earnings of $43,000. It had net income of $6,000 and paid out cash dividends of $5,625 in the current period. The ending balance in retained earnings equals:
The Butterfly Corporation had the following information that pertained to its March budget.
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Do you concur with the new accountant's recommendation? Present a schedule to support your answer.
Adams Sporting Goods sells bicycles throughout the southeastern United States. The following data were taken from the most recent quarterly sales forecast:
write a paper that describes the main aspects of the regulatory environment which will protect the public from fraud
You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
intel inc. is the pioneer in the manufacture of microprocessor for computers. the companys fiscal year runs from april
For 2010, Skresso Co. reported $3.64 of earnings per share of common stock. During 20011 the firm had a 4% common stock dividend.
Provide the journal entry for the periods payroll - payroll register of Russert Construction
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
what is meant by liquidity?what metrics can be used to assess improvement or deterioration in liquidity?how is
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