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Problem - Adjusting and reversing entries
On the basis of the following data, (a) journalize the adjusting entries at June 30, the end of the current fiscal year, and (b) journalize the reversing entries on July 1, the first day of the following year:
1. Wages are uniformly $66,000 for a five-day workweek, ending on Friday. The last payday of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June 30, $25,000.
Rons sells his business accounts receivable of $100,000 to Mike for $80,000 (80% of the face value of the accounts reveivable). Mike later determines that he will be able to collect only 9000, of a 10,000 receivable. Mike's basis in the 10,000 acc..
$82,000 that will increase annual controllable margin by an estimated $13,000. If the equipment is purchased, what will be the company's new ROI?
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Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method
For tax purposes, the corporation has elected to take advantage of the maximum benefit for expensing organizational costs. No additional book/tax differences exist. For the year ended December 31, Year 1, Dale Corporation's taxable income was:
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