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Question - Make the appropriate adjusting entries in the situations below.
1. The company has a machine with a cost of $60,000 which it bought in prior years. Depreciation expense should be $2,000 per month. No depreciation has been recorded yet this month.
2. Four months ago, the company bought prepaid insurance for 24 months for a total price of $48,000. The company has been recognizing some insurance expense each month. An entry is needed this month to record the insurance expense.
3. The company loaned another company $100,000 at an interest rate of 6% per year. No interest is due to be paid this month, but an entry is needed to record the interest earned during this month.
4. The company has bonds payable of $12,000,000, with an effective interest rate of 4% per year. An entry is needed to accrue the interest expense and interest payable for this month.
Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercompany ownership of bonds
a 50m long army platoon marching ahead. the last person in the platoon wants to give a letter to the first person
Income from continuing operations before income tax $470,000 Selling and administrative expenses 320,000 Income from continuing operations 329,000 Gross profit 900,000 Income before extraordinary item
what is a flexible budget? explain how a flexible budget increases the usefulness of budgeting as a means of evaluating
Locate any courts cases that might provide insight in how to treat this tax situation. Give the citation(s) of any cases you find.
In the company's flexible budget performance report for last month, what would have been the spending variance for dye costs
identifiable intangible assets were included as part of the purchase, how much would be reported as goodwill on the initial consolidated balance sheet
The amount of depreciation expense recognized in 2014 assuming that Rowley uses the double declining balance method
McDonald Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. Compute in proper amount of gross profit
after several years of operations the business has become unprofitable and incurred small nols. its operating assets
Suppose the accounting center averages 170 professional hours per month. How much would need to be charged per hour for the center to cover its costs?
Find the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales
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