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Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Legal Service Revenue when his clients pay him in advance. In June Mike collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June?
1) Legal Service Revenue 3,000 Unearned Revenue 3,000
2) Unearned Revenue 3,000 Legal Service Revenue 3,000
3) Unearned Revenue 9,000 Legal Service Revenue 9,000
4) Cash 12,000 Legal Service Revenue 12,000
John reports the following amts for 2010:net income=$135,000; average stockholders' equity $500,000; preferred dividends $35,000 and par value preferred stock $100,000. The 2010 rate of return on common stockholders' equity is?
review the chapter explanations of the income statement andthe balance sheet equations. apply these equations in each
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if you are driving in your own car to another city, how much will it really cost you to make that drive? Should you include the cost of the car, part of the cost of the car, none of it? What if a friend asked if he could ride with you? What is the..
The fixed costs are $450,000, andMorino is in the 30% corporate tax bracket. What are the sales(dollars) required to earn a net income (after tax) of$25,000?
If a fixed asset, such as a computer, were purchased on January 1st for $1,950 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is:
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