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Matching Principle of Accounting.
a)Use the horizontal model or write the journal entry to record the payment of a one-year insurance premium of 3,000 on March 1. b)Use the horizontal model or write the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. c)Calculate the amount of prepaid insurance that should be reported on the 31st of August balance sheet with respect to this policy. d)If the premium had been 6000 for the 2yr period, how should the prepaid amount at August 31 of the 1st year is reported on the balance sheet? e)Why are prepaid expenses reflected as an asset instead of being recorded as an expense in the accounting period in which the item is paid?
The company operated at 70% of capacity, employees worked 371,000 hours, and the following actual overhead costs were incurred.
Assuming that the landfill is recorded within the general fund, illustrate what will appear on the fun-based financial statements for this landfill for the year ended December 31, 2010?
In the current year, Hawk Corporation redeems 75 shares of Sheldon’s stock for $75,000. Sheldon had acquired all of his shares 10 years ago at a cost of $100 per share. What are tax consequences to Sheldon and Hawk Corporation as a result of the s..
What additional information is provided in the notes concerning revenue recognition, uncollectible accounts, and the company's inventory costing method?
Construct two journal entries for actual costs incurred - one for variable overhead and one for fixed overhead.
Retail firms are at risk that their inventory will become obsolete. What can a firm do to minimize this risk? What types of firms are most at risk? Least at risk?
Analysis of financial statement using horizontal analysis - Prepare the 2006 common-size income statement and compare it to the 2005 statement. Which areas require further analysis and investigation?
Assume earnings subject to state and federal unemployment compensation taxes are $5,250 at the federal rate of 0.8% and state rate of 5.4%. What are the journal entry to record the payroll tax expense for the period.
Provide recommendations and justifications of which depreciation method(s) are appropriate in this case. Explain how the choice of depreciation method affects reported profits.
A machine costs $700,000 and is expected to yield an after-tax net income of $30,000 each year. Management predicts this machine has a 11-year service life and a $140,000 salvage value, and it uses straight-line depreciation.
security a has an expected rate of return of 12 and a beta of 1.10.nbsp the market expected rate of return is 8 and the
Preparation of Bank Reconciliation Statement and Prepare a bank reconciliation.
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