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Niagara Corporation purchased a one-year insurance policy in January 2010 for $66,000. The insurance policy is in effect from March 2010 through February 2011. If the company neglects to make the proper year-end adjustment for the expired insurance: Net income and assets will be overstated by $11,000. Net income and assets will be understated by $55,000. Net income and assets will be overstated by $55,000. Net income and assets will be understated by $11,000.
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Calculate the payback period of the investment.
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What would be Altoona's finished-goods inventory cost on Dec 31 under the variable costing method?
Prepare the income statement of owner's equity for the calendar year 2009 and the classified balnace sheet at December 31, 2009. Prepare the necessary closing entries at December 31, 2009.
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