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Question - Otis Company accumulates the following adjustment data at December 31.
1. Services provided but not recorded total $1,420.
2. Supplies of $300 have been used.
3. Utility expenses of $225 are unpaid.
4. Unearned service revenue of $260 is recognized for services performed.
5. Salaries of $800 are unpaid.
6. Prepaid insurance totaling $380 has expired.
Instructions - For each of the above items indicate the following.
(a) Journalize the entry.
Allen (age 32) takes a distribution of $20,000 from his Traditional IRA account which he plans to deposit into an IRA with a different bank. During the 60-day rollover period, he gambles and loses the entire IRA balance. What income and/or penalti..
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A business is considering a cash outlay of $500,000 for the purchase of land, which it could lease for $40,000 per year. If alternative investments are available which yield a 21% return, the opportunity cost of the purchase of the land is:
during september the capital expenditure budget indicates a 420000 purchase of equipment. the ending september cash
Use this balance sheet and income statement from Carver Enterprises to complete partsa and b: Prepare a common size balance sheet for Carver Enterprises. Prepare a common-size income statement for Carver Enterprises
Jennie purchased 50 percent of the shares of SJ Corporation, a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. For 2011, SJ Corporation had an operating loss of $22,000. What is the amount of SJ Corporation..
The financial statements of Tootsie Roll are presented below.
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Pete, a self-employed CPA, went to Los Angeles for 3 weeks. He spent 1 week analyzing his clients' investments in the Westwood area, How much can Pete deduct
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