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May 1 Invested $20,000 cash in the golf course business. May 3 Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000. May 5 Paid advertising expenses of $700. May 6 Paid cash $600 for a one-year insurance policy. May 10 Purchased golf discs and other equipment for $1,050 from Discs Are Us payable in 30 days. May 18 Received $1,100 in cash for golf fees earned (service revenue). May 19 Sold 150 coupon books for $10 each. Each book contains four coupons that enable the holder to play one round of disc golf. May 25 Withdrew $800 cash for personal use. May 30 Pay $250 as salaries for part-time employees. May 30 Paid Discs Are Us the full amount due. May 31 Received $2,100 cash for fees earned. Accounts used:
• Cash.
• Prepaid insurance.
• Land.
• Buildings.
• Equipment.
• Accounts payable.
• Unearned service revenue.
• Owner's capital.
• Owner's drawings.
• Service revenue.
• Advertising expense.
• Salaries and wages expense.
Change if the passive loss is only 320,000 rather than 333,000?
Show how management came up with a cost of $24 per unit for this component - evaluate this cost calculation. Explain why it is or is not appropriate.
Longhorn Company reports current E&P of $100,000 in 20X3 and accumulated E&P at the beginning of the year of negative $200,000. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder's tax basis in his stock in L..
a tomorrows electronic center began october with 90 units of inventory that cost 70 each. during october the store made
dm inc .incurred a 25000 net capital loss in 2010 that carried forward into 2011. during 2011 a hurricane destroyed
Income before interest and taxes is expected to be $3,000,000. The company has a 30% tax rate and has 600,000 shares of common stock outstanding prior to the new financing.
use an excel spreadsheet and the fv pv pmt functions to determine the amount of each of the following rthe annual
Compute the noncontrolling interest in the subsidiary's net income for 2013.
Examine the work sheet and the general ledger accounts. Make a list of the errors you find. Prepare a corrected work sheet. Correct any errors you find in the general ledger accounts.
Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:
If you could pick a single source of cash for your business, what would it be? Why? How can a business earn large profits but have a small balance in Retained Earnings? How can a business lose money for many years and still have plenty cash?
lang enterprises was started when it acquired 4000 cash from creditors and 6000 from owners. the company immediately
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