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Maine Department Store is located near the Village Shopping Mall. At the end of the company's calendar year on December 31, 2011, the following accounts appeared in two of its trial balances.
Unadjusted
Adjusted
Accounts Payable
$ 79,300
Interest Payable
$ 8,000
Accounts Receivable
50,300
Interest Revenue
$ 4,000
4,000
Accumulated Depr.-Building
42,100
52,500
Merchandise Inventory
75,000
Accumulated Depr.-Equipment
29,600
42,900
Mortgage Payable
80,000
Building
190,000
Office Salaries Expense
32,000
Cash
23,800
Prepaid Insurance
9,600
2,400
Common Stock
116,600
Property Tax Expense
4,800
Cost of Goods Sold
412,700
Property Taxes Payable
Depr. Expense-Building
10,400
Retained Earnings
60,000
Depr. Expense-Equipment
13,300
Sales Salaries Expense
76,000
Dividends
28,000
Sales
628,000
Equipment
110,000
Sales Commissions Expense
10,200
14,500
Insurance Expense
7,200
Sales Commissions Payable
4,300
Interest Expense
3,000
11,000
Sales Returns and Allowances
8,000
Utilities Expense
12,000
Utilities Expense Payable
1,000
Instructions
(a) Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. $20,000 of the mortgage payable is due for payment next year.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that are necessary.
In addition to the data already provided, assume that due to the unique warming racks, the truck will have a $13,000 salvage value at the end of six years. Under these conditions, compute internal rate of return.
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A friend recommends that Matt buy a beach house in order to increase his itemized deductions with the mortgage interest deduction. What are the relevant tax issues for Matt?
gerrad manufacturing has projected sales of its product for the next six months as givenjanuary 300 unitsfebruary 700
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