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On a May monthly bank reconcilement, an amount of $86.77 is required to be added with the beginning bank balance so that the general ledger bank balance will match. In the April monthly bank reconcilement also, the same amount was added with the beginning bank balance because the necessary correction entry was not done in the general ledger (the $86.77 was a tax & license expense check written in March & voided in April also a deduction and credit transaction of this same amount took place on the April bank issued statement). The $86.77 was added with the April bank rec. beginning balance to force the match. Should the bank account and tax & license expense account be debited or credited $86.77 to correct this? And should the $86.77 not be added with the May bank statement beginning balance?
Prepare a consolidated income statement for Chee Co. for the year ended December 31, 20X8. Be sure to show your supporting calculations and prove that your calculation of net income attributable to the shareholders of Chee Co. in is correct by calcul..
what is the impact if ENDING WORK IN-PROCESS INVENTORY increases by 20%? assume that all other inventory balances as given remain the same.
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10? How did you get th..
Explain how LIFO can result in a higher cost of goods sold. Would you expect LIFO to result in a greater or lesser valuation of the company's ending inventories? Defend your answer.
The usual life of a textbook is about four years. However, the copyright will remain in effect for another 50 years. Calculate the annual amortization of the copyright.
Barista corporation has been incorporated for 30 years. it's current paid in capital is shown to the right. Batista has been expanding its operations it's board of directors declared a small dividend of 7900 in 2009 and no dividend in 2010. the expan..
Once a business has elected its tax status using check-the-box regulations, what options are available if it needs to change its tax status? What should a business consider before electing to change its tax status?
Describe the concept of debit and credit. How are they used in accounting and describe the numbering system used to number each account in computerized accounting.
Store B has fixed costs of $200,000 per month and a variable cost ratio of 30%. At what sales volume would the two stores have equal profits?
you have just been promoted to the position of customer service manager of passport music designs inc. a manufacturer
the company has a defined benefit pension idea covering considerably all of its employees. pension benefits are based
The firm has a 75% chance if it invests -$1,500 a return of $500 for 7-years, and a 25% chance of returning $25 for 7-years. Based on the above data, what is the project's net present value?
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